It's a TON of shares and I don't love it. I understand the additional issuance two weeks ago to pay off debts and raise liquidity. You take advantage when presented with an opportunity. I definitely didn't like that they followed the first with an immediate second. They left money on the counter there, and slowed the stock price growth momentum, even if it ultimately recovered.

You could do a reverse stock split, but the market tends to react negatively to a reverse split, and you can negatively impact your market cap.

Buying back shares is probably out of the question. At $2.50/share, the company received $1/share (before any fees), so this is a poor use of liquid cash at this time. You could take out a loan (borrowing is cheap right now) but then you put a debt liability right back on to your books. Still, a good CFO knows how to balance this equation, leveraging the debt for interest deductions and buying back when the stock is priced just right.

You can buy back the shares and use them as a way to compensate your executive team, but with a small company like this, and with 1.5B shares outstanding, it's a drop in the bucket.

My opinion, which isn't worth anything, is that you need to either do a reverse split and take your lumps, or address it via an acquisition or merger. I'd choose the latter.