The NASD does not set the value. WE DO. How much are you willing to pay for 1 share of BKMPP. There is your value, unless of course someone else is willing to pay more.
A reverse split is NOT BAD if it is used for the purpose of getting to a higher trading platform. Reverse splits are thought of as bad in pinky land because of the death spiral effect if they are solely using it to reduce the O/S or get out of the .0001 range.