I would argue that it's a combination of both. They hit investors with the RS, and share restructure, while never communicating their future intentions, or reasons for the action.
I disagree. Way more often than not, reverse splits result in share price decline the years after they happen. That's even in situations when the reverse split is used in order to uplist to NASDAQ.
Approving a reverse split was a massive mistake amplified by well over a year of no communication.
I highly doubt we'd be trading sub-penny had the reverse split never occurred.
I'm not saying the reverse split entirely caused the share price to tank. The absence of any communication has played a large role, too.
Combine the two and it practically seems intentional.
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