Bingo. I'm holding until I have more information. The new investors will not lose, and their shares are affected the same.
This is from the 13D filed on 9/9/2022
4.11 Reservation and Listing of Securities.
(a) The Company will use commercially reasonable efforts to file a listing application with the Nasdaq promptly following the Closing and will use commercially reasonable efforts to take all actions necessary to effect a reverse stock split in a ratio that causes the Company’s Common Stock price per share to satisfy the Nasdaq minimum listing requirement (the “Reverse Split”).