That would be the most plausible scenario that I am thinking of.
That said, technically you cant lower your a/s under your o/s before FINRA approves the reverse split. You are suppose to wait until your FINRA approved r/s is effective and then you can lower the a/s should the issuer chose.
There is something definitely wrong here.
Never buy or sell based on anything I post - MY POSTS ARE ALWAYS JUST MY OPINION, regardless whether I include that in my post or not. I am not a financial advisor and anything I post should be considered only my opinion at that time.