IMO, the reverse split isn't just about hitting the limit, it's about growing up and looking like a real, viable investment.
3 billion shares outstanding for a company with less than a dozen people is ridiculous... I'm being generous by not mentioning this company is controlled by Nigerians. Nigeria does NOT have a good reputation.
So yeah, here we are. We're going down to a very sensible 30M shares outstanding. ERHC is setting up for prime time, IMO.
Have I mentioned this may be why the exec's are buying?
This stock isn't going down post split because the only dilution post split will be a meaningful cash infusion from the often mentioned "strategic investor".
Prior to the catastrophic blunder with convertible debt, this stock was at 10-12 cents. Post split that would be 10-12 dollars. So post split this stock will be 10-12 cents, but *should* be 10-12 dollars.
Could this be why management is buying?
People maintain anonymity for a reason and it is rarely noble.
