It wouldn’t make sense for the company to perform 2 reverse splits. That would be like going to the bank to withdraw $100 and rather than doing that all in one transaction in the morning, you withdraw $50 in the morning and go back to the bank in the afternoon and withdraw another $50. That would be wasteful and doesn’t make any sense. I am confident that the company’s share structure will be properly adjusted a single time upon completing this transaction.
I don’t know where you are coming up with 1.x billion shares outstanding. CDCH has 7 billion shares outstanding. That number was raised in order to perform the transaction in the simplest possible way so that all parties retain the correct pro-rata ownership. CDCH is not going to continue to trade with 7 billion OS. They will bring the share count down (reverse split) to a manageable level that shareholders are unaware of at this point. They could bring it down to 100 million if they want and cancel 6.5 billion shares so that they have 100 million OS and 500 AS. Not sure what figure they have in mind. Whatever the case may be, they will/should leave the share structure enough wiggle room (AS) so that they won’t hit the AS and be forced to either RS or raise the AS again.
The only scenario I see them doing a second reverse split is if further down the road they have an opportunity they didn’t anticipate to list on a higher exchange where they have a minimum share price requirement in order to list (e.g. NASDAQ requires a $1.00 share price). But that is further down the road and doesn’t really warrant contemplation (or fear) IMO.