This has been my main concern ever since the reverse split. The fact that management hasn't bought any shares on the open market leaves me with the eerie sentiment that dilution is on the table at some point in the future.

There is no reason why management shouldn't use personal funds to buy open market shares to nullify those fears to shareholders. Not only nullify those fears but make some money for themselves (if things will be so positive in the future as most of us believe). To me, something doesn't seem right in that regard, despite the positive news of adding an institutional investor.