I am just trying to understand this situation.
Usually after a "normal" reverse split, I never saw a drop of like 30%.
The cake should remain the same size, what changes is that your pieces of cake, instead of having 100 pieces, you only have 10, but 10 times bigger.
Here, if it moved directly to the red side, must be shorter that are putting negative pressure here.
Because if everybody has the shares locked, and nobody can sell the shares he owns, I only can deduce that people are shorting this stock.
I mean, the share dropped, meaning that there is more sellers than buyers. Of course the only thing we can do is buy more because our shares are locked. So who is selling? if we can' t sell the shares we have? That's why I think that people are borrowing shares to short.