Never seen but a few penny stock do a name change without a r/s. Penny stocks, not real companies. Mostly all of them do the r/s to get rid of their baggage.
These are almost always lose - lose for retail shareholders of the original issue and normally get decimated into dust with 20,000 to 1 conversions. There isn't liquidity after a r/s for original holders. And at .10, with a 10,000-1 r/s, even opening at .20 won't give anyone left holding double digit count of shares but a couple of bucks.