I agree. It’s funny how we’ve become adjusted to the new reality. When I first bought in around 80 cents (split-adjusted $8) the target price was $3 (split-adjusted $30). Today we’d be excited for $11 which on a pre-split basis is only $1.10!
What happened? Massive dilution. Huge stock awards to management who haven’t delivered anything to shareholders except massive destruction of equity. So even if the company is successful, the return to shareholders who bought before the reverse split is minimized by the ongoing dilution. Let’s hope they don’t run out of money again or they’ll dilute even further.
Your comparison of today's share price to pre RS one is completely irrelevant. For the simple reason that today we have match more O/S than before the RS. We had about 140m O/S then, and ~33m today. If we do a back split ten to one, we get more than double the shares plus the extra options.
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