It is more relevant to consider the Market Capitalisation of the company compared to what you believe is the value of the company at any point in time. You then need to decide if you want to buy shares and if so time your buy in at a point you feel the Company is undervalued.
While lots of shares on issue might be indicative of past issues and poor capital management and you have to consider this, it might not be either. If a Company has a Board and management that continually raise capital and spend it but do not seem to get anywhere that is a poor sign. Conversely, new developments might not make the past a good guide for the future and you may find that the Company can demonstrate that it manages capital well.
You need to look forward to how the Company might be funding its projects and whether further capital raises are needed. If these add value to the project and the money is well spent the CR's wont be problematic. You should look at the quality of management and how they manage capital.
It is certainly relevant who the current shareholders are and how they might be tapped for further capital. If the Company is very small and needs capital it may have to issue shares at a deep discount to raise funds of significant amounts. If the management and Board hold a good % of the shares this can be an encouragement for them not to raise future capital needlessly or too cheaply. How future funds might be raised and managed and the impact on the value of the Company is more relevant that the number of SOI, IMHO.
I do not think that there is a threshold SOI to consider.
I have not looked at ADV, but perhaps you could ask the posters there any specific questions you have in mind. Also do not be afraid to raise concerns you have.
This is a good post of goldbear77 on CR's - especially in a Bull Market compared to a Bear market
