I think they will attempt to uplist later this year, when they think they can handle being on the exchange, and that is why they registered those shares this year. The best time to do reverse splits is when the market cap is already low but cash position is high. It is simply to reduce share count, so there will be less manipulation. The market cap doesn't change unless folks sell off. And they won't sell off of the market cap is at a very fair valuation. And then once they move on to an exchange then they'll get a more robust set of buyers. Investors who don't buy penny stocks. And then institutional investors who can't buy now.
Why are you thinking they would need to do two splits? I doubt that. Once will be enough IMO.
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