The biggest issue with a further share dividend is that Joe needs to remove shares of NGIO to get PPS to a Nasdaq level. There isn't any extra to go around.

I already feel that the opposite may be coming, and the NGIO shares we already have could be reverse split to a fifth of what they are now.

While he could always cancel a large chunk of the shares held by GNBT, that would remove nearly all flexibility Joe would have to sell NGIO shares to pad the GNBT coffers.