Fannie Mae (FNMA)

[contrarian bull]

they might be assuming a RS

I doubt that splits are considered at all. They have absolutely no effect on value, net worth, etc...

Main reason a low-priced stock does a reverse split is to get above $5 since generally you can't use stocks under $5 to cover margin debt, and some stock exchanges won't list below that price.

If anything at all happens with f&f they will be solidly above $5 so a reverse split will not be necessary.

If the warrants are exercised, it may mean f&f have so many outstanding shares the price will be lower than what may be desirable to have a psychological benefit to share buyers. Some don't think cheap stocks are "serious" companies. And if they issue even more in a secondary offering the price might get low enough to risk delisting...

In the other direction - if you want to know what happens if you never do a split - look at Berkshire Hathaway...

But we are way ahead of ourselves here...