First, the share reduction is a reduction of A/S, which they have already done twice just recently. A large part of the O/S is supposed to be CONVERTED to preferred to be held by the CEO. The share reduction via buyback isn't supposed to take place immediately, he stated "over the next 15 months".
People are here for the pending reverse merger, not a share reduction. No one knows for sure what the private company is yet but these plays obviously produce some gains.
But everyone has their own strategy. You may be right. No one knows.