Once upon a time, like 2 weeks ago or so we (the shareholders) were blamed by Gary for the low stock price. So Gary stated there would be no reverse split. Apparently Gary felt that all the speculation on the reverse stock split by shareholders was causing the stock price to lose value and stay low, as well as scare away other investors. Fine. So why did he bring it up again, saying he was looking to do it this year knowing we will all start the chatter again and thus (in his mind) bring the stock price down again? I've come to realize that no one really knows what to expect, although there are MANY on here who claim expertise, yet as the stock rose last week none of them had squat to say prior to the rise, they don't know any more than anyone else does, as they've proven. Just read everything you can, do your own research, and make your own conclusions and take your own chances. It's fun to speculate, as we all do-speculating means you have an opinion or instinct and you share it for whatever it's worth. The ones that come off as absolutes are the ones to question. Make up your own mind, in the end you will see if you were right or wrong and you may reap the rewards.
The RS was cancelled because the company only had authority until the end of the year to complete it. He'll need to come back to the shareholders with another request. It will pass.
To your point it is speculation that the weak share price was due to the RS. I disagree with that premise and believe the opposite to be true. The large float makes it easier to manipulate the stock. The other reason for the declining share price was the dilution (company value doesn't change but the share price goes down) and the warrant holders unloading shares.
#$%$, RS have a bad rap for good reason. If ACT were considering one for any reason other then fix the share structure and to up list, I'd be out. And since management has the same shares as we do their ox is getting it as well. I do think it is neccesary to generate long term value.
But consider the alternatives. With 2bn shares and the $5 minimum stock price to be up listed, you need a whole lot more juice to support that kind of market cap. You don't get to that level on promise - you need some real revenue to support that kind of valuation.
R/S will happen, whether you want it or not. There is no choice, and he might as well do it upon completion of Phase I/II, which would be a position of strength (since that is what he said a while back). Need to get share levels under control and get on Nasdaq.....until then.....snooze, accumulate, snooze.....
Maybe so not, but 100,000 shares for 1,250 is a kick in the teeth. I believe the PPS will move on the news of success which appears quite possible. Why bite the hand that has fed you all these years? I don't want to hear the bit about the stock value remains the same after the split. It is the end game that most long investors are interested in. The RS cuts them off at the knees. For every successful RS there many many others that fail.