Death Spirals are very interesting in this space. The most important thing is to keep the volume up and keep the game going.
Let's do the math on the Beaufort and Iconic deals.
1. Beaufort "acquired" 56,581,818 shares
2. Iconic "acquired" 56,672,728
If they filed properly, we know within 10 days at what price they got their stock.
Let's say the market at the time was .0001 X .0002 and they were able to get liquid on all shares they "acquired" at .0002 (they didn't).
Beaufort's gross would be $11,136.
Iconic's gross would be $11,334.
It is probably a nice ROI but hardly worth the effort (the legal work costs that much). However, there is a possibility, if their downside reset was set correctly, they could each still have tens of millions of shares, possibly as many as they started with.
I would think that if the company does another reverse split, as soon as it is completed that they would have to issue these two entities the amount of shares they held before the split.