Your logic is sound. No amount of mathematical gymnastics on my part can make any sense of the recent price action relative to the extremely low share price post reverse/split. It still being stuck on the EM doesn't help any since transparency is basically nonexistent there. All I know is that I now have 950 shares with an average of $3.31, and I'm not very happy about that, LOL.
A different stock, $TXTM, spiked a bit after leaving the EM, so who knows what could happen to this stock over time. I still don't understand how a reverse/split can even be approved and effected on an EM stock.
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