I highly doubt they will dilute by selling shares. That kind of dilution is usually seen by the typical penny stocks.
They just got $50 million in non-dilutive financing, and will likely get more such financing soon with the team they are working with. The AS is 300 million, and if I were to guess a post merger OS will be under 125 million, meaning the company will keep the remainder of the AS for addition acquisitions, etc.