There are many on this board who understand the legal aspects of this situation better than me. I would like to answer parts of your question from my perspective as a shareholder.
I owned GeoBio prior to the R/S because I thought is was grossly undervalued for two reasons. First was the outrageous naked shorting that went on with the stock. Second, I believe in the company and its ability to succeed with its business plan. This is largely ignored here because of the current situation. My initial shares are still underwater, but the ones I bought on Monday are doing very nicely, thank you.
As a previous shareholder, I was not consulted regarding the reverse split. This leads me to believe that retail holders are not in the majority in this company. Insiders apparently control such decisions. Under the current situations, I doubt that this is still true, however I think the company could continue to assert that there are only 2.4 million shares officially existing. This is one for the attorneys.
I believe the current R/S is a done deal and cannot be changed. That said, the company could do any number of things, including making a deal with ST by selling them enough newly issued shares to cover the millions that are short. There is no incentive to do that, especially at the current PPS. Keep in mind that when the PPS peaked on Thursday, many long term shareholders were just breaking even. The company will benefit with the rest of us if ST is made to cover their short position in the market, and I am sure they know this.
Market Data 
Markets 
AI
