If it is a 500:1 it should open at $1.25. With so few shares it will be so illiquid you'll quickly see spreads like .15x.80... A big part of it will be because of people with say 100,000-500,000 shares pre-split, who will be left with 200-1000 shares post-split. On a sub $1 stock the minimum quotable size is 5000 (might be 2500 .50+). So say you want to try and sell at .60, your 200 shares won't even show on the Level 2, or 1. If you're lucky someone's buy order will match up, but with that spread there will be very little interest. It's almost like trying to trade a gray sheet stock after a halt.
This reminds me a lot of the OPLO->SERW RS that I got caught in with a small remainder of my position, and that's exactly how it traded, and it was later halted which totally wiped out holders. Usually when a company does an RS with this low a share structure it is for a reverse merger where they do it to re-structure the stock and effectively wipe out existing common shareholders and line the pockets of new management and pay off the existing one. E.G.-CMCA-MKRO, which is another demonstration of how illiquid a stock like this gets after an RS, and it is actually one of the better cases from my understanding. Just look at a 1.5 year chart of MKRO. The period before May 2010 was when the stock was CMCA with the larger share structure, The RS hit in May or just before and look what happens.. Their motive here could be similar, but who knows...
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