Dilution is not done....barely started. And the $0.01's are still being printed.
PHOT has warned that they lose money, so they need money to stay afloat. For PHOT, that means toxic deathspiral financing, which includes steeply-discounted shares being dumped into the share pool. This tends to drive the share price lower, especially with the losses and high salaries that need to be paid eating up any potential upside.