Not convinced existing shareholders have the confidence or trust to buy at a penny a share and a warrant. If nobody is buying on the open market for a penny or less why would somebody already invested buy more of a huge gamble? You would have so few takers that it would resolve nothing. Management wants a lower float to dilute as much as possible and at the same time have a nickel stock to do a private placement.
As for the SEC approving the consolidation that is a given as they have NO reason to stop it as they NEVER do anyway especially with penny stocks.
If management had proven its skill at running a company the penny share warrant scheme might be valid but that is NOT the case. Wait a minute if they were that skillful we never would be at a penny.