Your tape is wrong. The Reverse split happened once and was effective March 09, 2013 as part of the merger. They also gave a forward split 20:1 to their preferred shareholders at that time. It wasn't two separate reverse splits. The split had no effect on Glasgow https://www.sec.gov/Archives/edgar/data/1122063/000114420413036537/v348552_8k.htm https://finance.yahoo.com/news/fte-networks-announces-1-20-140527429.html