Respect your argument and that can happen too. But what you are suggesting is no way the worst case scenario.
Being an equity holder, a proud owner (however small) of any company, you are also ENTITLED to get nothing if the company goes down. That is the worst case scenario.
Many here have lost in excess of 80% or even 90% of their investment. Some have bought more at lower prices to reduce that number. But I can bet that those who have repeatedly bought have done so after not being able to get back to their their previous cost price - it is a continuous smooth downtrend with no uptrend at all, rather, there have been sudden steep drops. So they have more shares/capital invested. Any dilution with or without a Reverse split done from a position of weakness will(highly probable)result in further erosion of pps. So if the pps drops another 30 % after the dilution as there is going to be lack of news or development in the near future (6 months to a year), the losses are now piled on the pre dilution losses and the investor losses are approaching 100% - more like a company has gone bankrupt scenario. The 100 dollar original investment is now low single digit. As someone suggested in one of the posts earlier today, if you account for the opportunity cost associated with investing in ADXS (considering the big bull market during the last 10 years, where it would be a challenging task to lose money in any decently run company) the cost of investing in ADXS is a disaster. There is no way, one could make up for the opportunity cost, especially when recovering investment in ADXS is going to be a miracle unheard of on Wall Street.