RS seems inevitable. Particularly if they have any interest of M&A. In the meantime reducing A/S would be a viable band-aid of sorts. That wouldn't change the fact that they have to produce and sell product at 3 - 5 times the current pace to bite out enough market share and hit profitability. Bringing A/S down would do wonders to investor confidence. The bump from 400 to 600 was right when SP began the initial run off momentum. O/S remains untouched clearly they didn't require funding for production, dist., etc. Should they dip into that from this point forward the speculation begins asap. If they reel it back to 400 and just say "This is it, no more..." they wont appear to have a loaded gun aimed at Share Price.
The good news is for a stock in the OTC the RS here wouldnt be all that outrageous. 4:1 or 3:1. That being said few have ridden them out and proven successful.