Kind, most companies that do reverse splits do not do well but not true for all. Check out NVAX since their reverse split, quite the incredible recovery
1. Priceline.com (NASDAQ:BKNG) is the biggest winner. It went through a 1-for-6 reverse split in 2003 when the online travel portal was flopping around after the dot-com bubble burst. Priceline has since become an 85-bagger -- not a bad haul over the past 14 years.
2. Citigroup (NYSE:C) hasn't fared as well as Priceline since its 1-for-10 split when its stock was meandering below $5 in the aftermath of the global banking crisis. Citigroup stock has risen 69% on a dividend-adjusted basis since the reverse split six years ago. The S&P 500 has risen 80% in that time, but Citi remains an absolute winner.
3. Biglari Holdings (NYSE:BH) was trading in the teens when it resorted to a reverse split, whereas Priceline and Citigroup were into the low single digits. However, going for a 1-for-20 reverse in late 2009 seemed like the right call to thrust its stock into the triple digits. The stock hasn't beaten the market, but Biglari Holdings has generated positive returns for its stakeholders, up an adjusted 42%.
Since then, Priceline Group has been a nearly unparalleled success story. From its post-split level of around $22 per share, Priceline stock now fetches more than $1,400 per share.
From 2016, and since then they changed their ticker and name.
I do not believe NWBO will have a reverse split because it was not requested at the ASM. However, your statement is incorrect and that is the best example.