The first day after RS, stocks often have a bounce from the fall. One of the main reasons for this is the lack of selling pressure since those who held through the RS can't sell til their brokerage firm changes the CUSIP, which TDA told me takes 1-3 business days. By then, the stock is usually below what it traded for on day of RS.
By the way, the company shat on stockholders with this unnecessary surprise move. They took advantage of Nevada's lax rules for companies to execute a reverse split without shareholder approval and gave no warning. It means that they either don't think that they would've breached the $1 minimum by mid-October (they could have gotten another 6 month listing extension) to regain Nasdaq listing criterion, or they expect to do a stock sale and would rather do so in the $2-3 range than in the $.30s. I wouldn't trust them.
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