InterCloud Systems Inc. (ICLD)

[shotsky]

While an R/S doesn't affect the A/S, it does mean (the fewer) shares held by shareholders are worth more by whatever the ratio. But convertible debt usually is listed at a particular price, and if that price is not adjusted by the R/S ratio, it would be a very bad idea.
That is likely why the R/S is not yet implemented. It only makes sense when there are no more conversions in the pipeline. At that point, the R/S simply reduces the number of shares held and increases the price. If that price doesn't help toward getting relisted, even that may not make sense.