You could very well be correct, was just a thougth. So you would rather take the delisting, which could mean aonther year of waiting before being re-listed? Perhaps even more since this is their second time. The question is which one would do more damage?
I believe a "death spiral" requires that convertible securities be issued by a company. Those securities enable holders to short against their position without risk and also to manipulate the stock price. I don't think a reverse split would have the same effect and also don't expect it will be necessary to avoid delisting. I am firmly in the good news is coming soon camp.