It really comes down to one thing...at what point do the offerings have to be done below $1 in order to garner the interest necessary to get the necessary level of subscription?
When that happens (and it will) Rory will be forced into a reverse split...perhaps even by the underwriter to do the offering.
Each offering Verb has done has been at a lower and lower price. And when there are warrants attached the strike price has also been commensurately lower as well.
So the risk is...it becomes a viscous circle until they can become cashflow positive which there are no signs that is going to happen anytime soon.