Counter-laugh equals after reverse split stock quickly dropped to market cap around $1.4 million, then a bounce, then convertible finished flattening share price.
The only difference in such a scenario, recourse to a convertible like before, different I would not predict bankruptcy, but yes bankruptcy could move from back burner to front burner
Counter-laugh 2 is there is always a chance for better unfolding of events, but risk/reward in reality makes Rap queasy