[dlubarov]

Thanks for elaborating on the delisting process; that does seem somewhat more reasonable.

> [A reverse split] doesn't improve the fundamentals of the company at all.

It doesn't improve the fundamentals, but doesn't worsen them either. What's the harm?

> It's an admission that you have no idea how to create more value and are merely buying time.

Not necessarily. The company might have decided that its best option is to take a calculated risk, like creating a new market, introducing an unfamiliar pricing scheme, betting on economies of scale which don't exist yet, etc. In that case Wall Street analysts might maintain a low valuation, but the company isn't doomed, it's just risky.