Bio Path's certificate of incorporation authorizes issuance of a maximum of 210 million shares. About 120 mil are currently issued, I think. So there are about 90 mil authorized but unissued shares. These are not actual real shares with value. The reverse split does not change the maximum authorized shares. So after a 10:1 rs, we will have 12 mil issued shares and 210 mil maximum authorized shares. That is normal and does not effect shareholder value, in and of itself. The market cap is measured by issued shares. Authorized but not issued shares don't really exist and thus have no value. It's not wrong to keep the max authorized shares the same after a rs.
If they suddenly issue a bunch of shares to themselves or one investor after the rs, for a low price or as "compensation," that would destroy shareholder value and we would have to sue them for breach of fiduciary duty. I don't expect this to happen, but of course I could be wrong.
I do expect good results soon, maybe 2 - 4 weeks from now - the dosing should be done by now on at least 19 patients. I'm not sure how long it takes to deem them evaluable.
Remember the spike in share price when they announced orphan drug status? I know it was short lived, but imagine the spike if FDA approves an accelerated process.
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