Are there any implications for existing shareholders' voting power or dilution risk due to the amended Rights Plan?

Impact on voting power & dilution

The amendment simply pushes the “poison‑pill” expiration out by another six months. Until the plan is actually triggered, no new shares can be issued under the rights‑plan mechanism, so the existing share‑holder base—and the voting power that comes with it—remains unchanged. In other words, current shareholders are not exposed to any immediate dilution from a rights‑plan‑driven share‑issuance.

Because the plan still sits on the books, the company retains a defensive shield against a hostile‑takeover or a large‑scale secondary offering that could otherwise flood the market with new stock and dilute existing positions. The extension therefore maintains the status‑quo: voting percentages stay the same and the dilution risk stays low for the next half‑year.

Trading take‑aways

• Defensive posture: The board’s decision signals a desire to keep the capital structure stable, which is generally positive for price stability. Any speculative upside tied to a potential takeover or a large secondary issuance is still capped for the near term.
  
• Short‑term bias: With the rights plan now safe until early 2026, the market is unlikely to price in a dilution event for the next 6 months. This reduces upside volatility but also limits downside pressure from a “poison‑pill”‑triggered share‑sale.
  
• Action: If you are risk‑averse, the extended rights plan can be viewed as a protective back‑stop—maintain or modestly add to positions on pull‑backs. If you are looking for a catalyst, watch for any subsequent board filings that might either activate the plan (e.g., a hostile bid) or further amend it; those events would create a new dilution risk and could swing voting dynamics, presenting a short‑term trade opportunity.