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I doubt that just keeping the number of shares high would be the goal. All that matters is the total market cap of the company. Someone looking to buy will simply be saying "how much is it worth?" $150M, $200M ???
One purpose of a buyback is to buy shares at a price considered less than fair value. This means you are investing in yourself and getting it at a discount. If you buyback $10M in shares that have a fair value of $12M, the company is $2M ahead and this lifts the net value of all remaining shares, per share. The cash reserves of the company are however reduced and the total market cap is likely to reduce.
By not buying back at the moment, they are keeping the cash reserves in the company, keeping the market cap as high as possible. Of course the market cap is determined by the market, ie. share price x number of shares, but the underlying NTA is directly dictated by cash reserves, apart from other things.
Anyone looking to launch a takeover offer will need to be offering a premium over the NTA and market cap, so keeping it as high as possible must be a good thing if a takeover offer is a possibility.
What I was surprised by was them not buying back when the price was hovering around $0.23.

I hope this makes some sense and correct me if I am wrong.
It's certainly great to see some interest back, I can't wait to see the full year results and next years forecast!