I dont know why he decided not to reverse split. But I feel that it is a good decision and will have huge impact . 475 m outstanding is no biggie.
With 475m oustanding and 53% with principals, we have about 250 M with retailers. It is easy to get those shares from 0.0008 to few cents with a little news........
Disclaimer: Do not buy or sell based on my recommendation. I am not your financial advisor .My recommendations are based on my intuition, research or both and may be right or wrong.