>They are trading this cheap because they offer so many shares to staff, the market dilution is killer on this one unfortunately.

That is actually wrong.

A big portion of their SBC expense has nothing to do with dilution. A big portion of their SBC expense is related to PSUs they awarded during the IPOE process, PSUs that are related to the stock price.

A dilution will happen if the stock price hits $25 on a volume weighted average over 90 days within 5 years of IPOE. Same for $35 and $45. All 3 of which seem unlikely right now, and if they do happen will someone complain about dilution when they x4 their investment from now to the lowest price target within like 3 years from now?

Their dilution is about 5-6mil shares per quarter, on 930mil shares outstanding (less than 1% per quarter).