Bio Path Holdings Inc (BPTH)

[Pat Torney]

So based on this analysis, it sounds like the "non routine" characterization is correct only so long as all of the shares (issued and retained shares) are reverse split. However, if the reverse split only applies to the issued shares, but does not apply to those shares that the company retains, then there is a significant loss in the value of the investment as the percentage of ownership for the reverse split shares is decreased 10 fold.