Sounds like BS. All the shares in the option pool have already been issued, just not granted. Issuing fewer shares in the option pool doesn't mean there is less

Sounds like BS. All the shares in the option pool have already been issued, just not granted. Issuing fewer shares in the option pool doesn't mean there is less dilution because there are fewer shares to grant. At any later date the company can issue an arbitrary number of new shares for investors, new (larger) option pool, etc. They can dilute you down to nothing whenever they feel like it.