You're asking a lot of questions that cover various areas.
Legal structure of a corporation is governed by state corporate law. Many of the pinks are Nevada because that gives them very wide latitude to essentially do what they want, obviously not so great for shareholders.
The f/s is no big deal as it amounts to really taking your chocolate bar and cutting it in half. you still have the same thing. It's intended to get some excitement as people say "whoopee, I now have 2000 shares, instead of 1000." But the price goes in half. At first it worked as the price edged up a bit, only to come back down here.
The issue I raise is different. Those in control have a fiduciary (trust) duty to minority shareholders. They better have a very good reason for not accepting a 6x current price buyout. Of course, if no big shareholders are willing to bring this up or hire lawyers, then it just goes away.
SEC - is involved with manipulation and information flow and fairness of markets. THey could get involved but on the surface it seems like the info was there, unless there are hidden details, but that has to be proven.
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