I dont think NNLX could realistically choose that

I dont think NNLX could realistically choose that alternative.

They would have to reimburse investors-private and public- which would cost them many magnitudes more than upgrading to pink current.

They could buy up every share on the open market as well as any private arrangements-which companies never do because such a shift in the buy sell ratio would fairly quickly make shares prohibitively expensive.

Thats why companies which go private make tender offers-offering a pps at a fair premium to the market pps.
E.g.,perhaps 150 million shares-plus any private arrangements at a tender offer of 10c to 15c pps would cost NNLX 15M - to 22.5 million, plus private arrangements. You can check the math.

Again, NNLX's current lack of funds foreclose that opportunity for them at the present time,though for some companies its something to dream about, given the increasing regulatory headaches of being a public company,especially after companies achieve net revenue and one of the main reasons for going public is thus extinguished.