Refusing to reduce the AS is still a head scratcher to me. There was NO WAY they would ever get close to that before it hit no bid, and they had to no that. So the only thing it accomplished was to help scare away new investors.
I guess in a way it turned out to be a good thing. Since they still have a long ways to go, they are going to have no choice but to do another reverse split IMO. So maybe some investors were spared losing their money by being scared off by that huge AS.