Blue, Have it your way, that's fine.
You ask why the particular split took place, because it 'doesn't make sense' to you. However, your possible reasons for a split are limited to graduation to a major exchange. Given that single possibility, you are right, it doesn't make sense.
However, there are other reasons, and DNAP has been quite clear about one of them. They need more shares in order to continue operations via dilution.
Any split ratio above 3 or 4 to 1 would give them sufficient shares to continue operations. Since they are excluded from the major exchanges for many other criteria than stock price, there is no need for a huge ratio.
If 10 to 20 gets them in a range for maximum 'efficiency', it seems like a viable choice. The difference to the shareholders is negligible no matter what the split ratio, as long as the entire AS is not eventually consumed. IF it is, it won't matter anyway, as the current shareholders equity will have been virtually diluted away.
regards,
frog
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