Hi Score Corporation (HSCO)

[GOLDBUFFALO]

"Regarding your question, there's no limit to the number of reverse splits a company can do or how much time must elapse between them. However, there are practical limits."

http://www.usatoday.com/money/perfi/columnist/krantz/2010-03-04-reverse-stock-splits_N.htm

Share structure still ain't that bad for a pink!

But the correct argument might be
"The other limiting factor is that reverse stock splits aren't free. Attorneys must get involved and there's paperwork. If a company is hurting, it might not be in a position to keep doing reverse splits and paying the fees"