I completely agree with you that if there is a reverse split or a regular split that your ownership interest in the company does not change at all. The only thing that happens is you will hold a lesser or greater number of shares. Sort of like changing your U$ dollars for Brasilian Reals (Br$) - currently about 1:2.5 you have a larger number of pieces of paper (or smaller) but the same value. BUT I can not recall a single reverse split where the investors received only 5 to 10% of the number of pieces of paper they had before. The psychological effect is not good. Additionally, reverse splits are often seen as a means of the company insiders manipulating the number of shares so as to release the recalled shares back to the market.
More importantly, you are correct in the idea that Sigma needs to have sustainable cash flows. The one and only way that they are going to get there is through sales of PrintRite, contracts and revenues - increasing quarter over quarter, you know, the general way that companies see their pps increase. Revenues for the sale of the software/hardware package and the "per click" or value added fees are the only sustainable source of cash. An award from EWI or America Makes or whatever to assist in the development of the AM metal technology is not a sustainable business model. If they achieve sustainable and increasing revenues and profits, the pps will head north. If at that time a reverse split is determined to be the best path to a sufficient pps for uplisting - or the best path to have sufficient shares on hand to deliver to institutional investors - it will be a different thing than an 18 or 20 to 1 event.
Perhaps there has been a successful reverse split of 18 or 20 to 1, but I am completely unaware of it. I could do the research and see what the reverse ratio for Organovo was, but I am certain it did not even approach 18: 1. I did not say "a reverse split" is the kiss of death... "an 18.5 : 1 reverse split" - that is a horse of a completely different color. In fact, I believe that an 18 or 20 : 1 reverse split would be a kiss of death from Thanatos herself, complete with the icy steel tongue... perhaps a 3D printed one at that.
Patience folks. Mark and Vivek have been working for decades in this area. We are still in the early stages of the development of a commercial application. It isn't going to happen in nanoseconds. The day the first Model A came out of Henry Ford's plant did not mark the last day that anyone sold a buggy whip.
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