Given my experience, he'll probably RS at some point to move share structure to around 100M or less, but if he does it during uplist, it could be OK. If he does it at same time he cancels Pref Ds and gives ICNB the other 49%, PPS will rise in spite of RS.
If he's just using ICNB as a cash register to pay his salary and other expenses, well that is what most refer to as a scam, then he'll RS to get going.
Hard to tell at this point.
"A man sees in the world what he carries in his heart" ** Johann Wolfgang Von Goethe
"Never does a man portray his own character more vividly, than in his manner of portraying another" -- Richter