Of course it is, and IF nothing is done... It'll be dumped right down to 0001, were it'll sit most likely for years again
IF not, they'll reverse split the stock...
And no, I don't believe they won't do it just because they said they won't in a press release, with a forward looking statement attached to it
Meaning, they can say "NO REVERSE SPLIT" and turn around the next day and do one and yup, you guessed it... Legally, there's nothing anyone can do about it