I don't expect there to be many buyers above a penny, but, I think, there will be increased buying once the share price drops sub-penny.
I think there are too many people that will see the low float, sub-penny share price, not do due diligence, and buy in because someone told them it was a good gamble.
I would expect that any lender, post-split, will get a really good deal on share conversion to make sure they can get their money back (with profit) as soon as possible.