ERHC Energy Inc (ERHE)

[nordicroots]

OMG - you're right! According to wiki.fool.com they confirm same. This is not a good thing for legacy shareholders as normally asking for more authorized shares requires a vote, and I would prefer being given the right to weigh in on such a decision.

Here is what they have to say of reverse splits:

A reverse split lowers the number of shares outstanding. For example: if a company reverse splits its stock 1-for-2, it means the shareholders must turn in their certificates and receive new certificates evidencing ownership of half the previous number of shares. A shareholder who owns 1,000 shares pre-split will own 500 shares of the post-split stock. The total number of outstanding shares decreases but the total number of authorized shares doesn't change. If the company had 100 million authorized shares and 50 million shares issued and outstanding pre-split, it will have 25 million issued and outstanding shares post-split and 100 million shares authorized. Post-split, the company will have 75 million shares that can be issued in the future if needed to raise capital. Prior to the reverse split, this available number of authorized shares had been 50 million out of the total 100 million authorized. - See more at: http://wiki.fool.com/Does_a_Stock_Split_Impact_Authorized_Shares%3F#sthash.TvQQ3yMs.dpuf