zagdad, I initially was thinking the same thoughts. But when you look at it from the perspective of them doing that large reverse split last year and that was still not nearly enough to get the price high enough to get listed, I'm thinking that they decided to err on the side of caution when it came to this reverse split.
They simply could not afford to see a situation where the price does not stay high enough to get listed. They know they had this huge seller that has been dumping stock for the last several months. Who knows how this seller is going to react to this reverse split announcement? He could start dumping it even a higher rate than he was previously. So they had to get the stock price so much higher than what was necessary, that even if this turkey started dumping the hell outta the stock, the price should still stay above $3.
The other thing to keep in mind is that there is another side to this coin. FTE can do a forward split of the stock also. If they have a good quarter for 4Q, and the CrossLayer business starts to take off, it would not be a huge shocker if they declare a forward split of the stock soon after announcing 4Q numbers in early April.
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