Good point, SNIZZLE. At this point right now it doesn't matter the number of shares authorized, all that matters is what is issued and outstanding. The only reason to even mention the authorized shares is to show that they have not issued any more since announcing that they have entered into an agreement with an 'internet marketing company.'
Only issued and outstanding shares are 'open targets' for any reverse split. The authorized number usually remains the same. That is why so many scam penny stocks do them. They get close to the ceiling and then do a 1:2500 or more split and then get to 're-issue' (not technically but practically speaking) more shares.
The smaller R/S like what we went through are more in preparation for a new company to have a very attractive share structure.
SNIZZLE is right, Besuchet and Fann are going to be given even more shares than what they hold right now when the R/M happens.
The usual case is for the "new" company to change the SS either during the R/M or soon after, anyway - although SNRY does not really have to do so.
Personally, I would think that Verndale would keep pretty close to the same SS and keep a low float to make it much more attractive to investors. With so many "extra" shares, they can voluntarily retire some shares later and it would make for a great PR.
Also, the Preferred are still completely untouched - very important! They will use these for investors and can attach any kind of value to them that they wish (for the 4 founders of the company). They can make each preferred the only voting rights, or give them a value of 10:1, or attach options of buying shares to them - really a whole bundle of options for them right now.
If GSP came into this SS, I can see them sell a ton of shares for all their projects coming up.
Mainly - they have left the float alone because SNRY basically is acting as though this company isn't theirs any more.
All The Best
