That's certainly a likely possibility. Delfin gave themselves many possibilities in their Schedule 13D they filed when they took over the TGLO shell. They do still have around 58M shares in the TGLO treasury they can play around with as well. The current share structure of TGLO is likely to change a lot once the r/m is finalized. I expect that the authorized shares would probably increase and that Delfin would use dilution with the increased authorized shares over implementing a reverse split to give them the room in the share structure they need to spread equity around. This is all my opinion and what actually happens could be very different from any of this.
News 
Market Data 
Discover 
