While yes you're correct that there is much more room for dilution, every time the company adds shares, the more "over-valued" the company becomes. If JBZY adds 18 millions shares to the current 9 million, then the market cap immediately triples. The market will then correct itself to a realistic pps value, essentially cutting the share price into 1/3. Therefore, if JBZY wants to uplist and wants to keep over a $4 pps, then they can't dilute by too much or else they risk dramatically dropping pps to compensate for market cap.