He should have just kept it the way it was in the original material agreement, where he did the small 2:1 reverse split on the existing then got issued 50M shares post merger.
Not do a big reverse split now when he holds like 97% of the outstanding shares, that's stupid. They are the ones that revised the original material agreement to have them getting 116M rather than 50M in the first place.
Like you say he could just retire shares rather then doing a big reverse split, that would be better.
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