The Canaccord dumpage has two limiting factors:
1. Up to the $150 total million, which last I checked, they only had about $60+ million left to dump. I'd have to recalculate to see how much more they have left, but we'd need an updated outstanding share out.
2. Up to the 5 billion authorized but unissued shares (minus any needed to be reserved).
If they get close to the $150 million shares, I would expect another 424b SEC filing along with an 8K confirming another ATM dilution.
The only thing that's slowed down the dilution is they've reduced cash burn drastically, AND they've diluted a ton (possibly $40+ million in the bank) to prepare for refunds/cancellations, hence less dilution. However, they are still red, so eventually, they will need to dilute. It's possible they are keeping dilution at a minimum by only diluting over 3 cents, for example.
Ted Fraudsworth isn't dumb. He knows that in order to dilute and effect a proper reverse split, both the share count and the share price has to be at a specific point where doing a reverse split would be able to put the share price high enough where it wouldn't take below $1 in 10 trading days or less AND that they would still be over 1.25 million publicly traded shares, which is the Nasdaq requirement. Accordingly, he can't just keep diluting no matter the stock price. He has to get the stock price up, or he has to dilute billions and billions of shares in order and hope the stock price doesn't tank TOO low in order to successfully effect a reverse split to remain on the Nasdaq. The alternative is OTC.
