I also thought the same, a 3.75 fold increase is what I initially worked it out to be. But on a relative basis it is only about a 54% increase. Options pre-consolidation were at 13%(roughly) so if it remained the same after financing and no consolidation they would have been at 35 million share with a share count of 270 million. Options at 20% gives them 54 million shares pre-consolidation or 54/35= 1.54 or 54 % if I did the math correctly!