I don't believe it requires any shareholder approval. I have a few shares of a company that just did a 1000/1 reverse split.
It is too early to talk about splits, delisting,etc. The delisting process will take at least 6 months and the share price should recover by then.
Some longs are doing some of this trading and then wondering what is causing the sp to drop. They are quick to say they have bought, but never to say they have sold.
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