Insider Trading
If the reverse happens then I will be watching insider buying very closely. If good things are in the pipeline, as the bulls believe, then the insiders will surely accumulate shares at the discount opportunity presented by a reverse.
If shorts hammer the stock down, say to $3 from $6 in a 1-10 split, and you know the earnings are coming in a quarter or so, who wouldn't load up at a split adjusted 35 cents? I'd expect to see strong insider buying in one of the greatest buying opportunies in the long, and sordid, history of Wave Systems.
The reverse is irrelevant to everything except short term price and funding the company.
If the company has nothing it matters not.