The Anti-Dilution Playbook: How Earth Science Tech Inc. (ETST) Rewrote the OTC Capital Structure Narrative
The company has issued zero common shares since October 2023, marking a decisive break from typical OTC dilution patterns. A multi-year share repurchase program has retired more than 20 million shares while authorized shares have been reduced by 60%. Earth Science Tech is funding operations and acquisitions through cash flow while legally restricting its future ability to dilute shareholders. In the microcap market, capital formation is often synonymous with dilution. Companies raise money by issuing new shares, frequently at the expense of long-term shareholders, creating a cycle where growth in operations does not translate into growth in per-share value. Against…











