Mast Therapeutics, Inc. (MSTX)

[lux1]

At this point the split ratio is irrelevant. Do you prefer 1 billion shares at one Cent or 10 million shares at one dollar?
It is the same as changing coins in notes, actually a lower float is surely positive for the PPS. In any case it is needed by NYSEMKT rules of the merger that requires 4 or 5 dollar minimum.
Let's think instead of the very positive effects of the merger on this devastated Company: a new pipeline with 3 drugs added and not last a new CEO.