If you personally are not sure the company is the "real deal", you probably shouldn't be invested in it. Also, with penny stocks in general they are high risk and have huge swings both up and down.
I personally think this is a long term stock and am not worrying about these short term fluctuations due to dilutions etc. If you look at the pps from the last month the stock is still up over 100% The dilution isn't helping matters.
I have faith this will move up big in the next year based on my own DD. If you don't feel the same you should probably sell to save yourself the headache of the swings in between.
Nothing is a sure thing, or we'd all be rich. (fingers crossed)
Good luck to you and all.