I suspect the weakness in the stock ever since the CC is almost entirely due to apprehension over the pending 1:1,000 reverse stock split. Other than that, there were some positive aspects to the CC,
Current holders (especially traders) are willing to jump the ship at any sign of a rally because they are so afraid of that split. And I also suspect that no potential new investor is willing to buy into a stock facing such a draconian measure. Possibly GNBT management will recognize this fact and rethink the announced approach, but there is no sign of that happening so far.
There is one thing about the split that intrigues me somewhat. After such a split, there would be roughly just 1,000,000 shares of GNBT outstanding. Of that, about 60-65% is held by just about a dozen or so large and presumably longer-term investors (as reported by GNBT in its financial statements.)
That means the available float for trading each day would be around 350,000 shares, which could lead to a really volatile environment!