It depends. Once they have a 5 day average that's around say .01, there would be no point to diluting it to keep it around .01. They've already locked that many shares in. At that point (and this is true of every 5 day average level) their options are to either try to drive it lower and get more shares or to let it rise so they can sell remaining shares higher. Which they choose depends on the level of resistance the market gives them. If it is going to take dumping 50M shares to drive the price .001 lower then it might not be worth it but if it only takes 10M shares to drive it that much lower then it might be.
Basically at some price they hit a point of resistance where the amount of effort needed to dilute further is not worth the gain. However, they might not ever even reach that point if they run out of shares before they get there. Also they have to balance that with the fact that if they burn more shares than they earn (they sold all 435M but they only earned 320M once the calculation was finalized) then they will need to buy the difference in shares back likely at a higher price.
It is my opinion that if they were smart they sold as many shares as possible on Day 1 and Day 2 of dilution when the share price was higher. This gives them a bigger return for shares sold and would help drive the price down further earning them more shares. They may have wanted to replace those day 1 and day 2 VWAP prices with lower ones before news gets released.
Here is what I have someone please let me know if they have different: Day 1 VWAP (april 22nd) - .0146, Day 2 .0136, Day 3 .0117, Day 4 .0114, Day 5 .0115.
Today's very low VWAP will replace Day 1's which is a boost for Iron if the amount of shares needed to dilute it down this far doesn't exceed the gain in shares from the new 5 day average. Keeping in mind the opportunity cost of diluting at these price levels vs. holding and selling at higher prices.
