I voted yes. This stock needs to get out of the hands of day traders. You need real institutional holders. The only way your getting that is a $6.50 stock after a reverse. $6.50 gets whacked to $5.50. They wont do it until after the next well result.
I voted No. If they get right to RS then what would keep them from using it.. it would kill the current stock holder meaning it reduces my x shares to a fraction of that... And then it would allow them to then issue a boat load of new shares at the new price and then dilute the shares which would allow shorts to short the mess out of the stock and drive it right back down.. Can we get a resulution added to the vote that would say if they RS the current shares to also RS the new shares they can issue. That is only fair.
Even if SP gets back above $1 and holds, a RS would accomplish a couple of things, it would flush out most of the day traders who are able to effect wide swings through manipulation, and it would also push the stock out of the Penny stock range and thus allow many more if not most investment groups that have a $ 5 threshold to buy in.
after the announcement with blackstone and the new well, I don't think they will need it. However, I also don't think that the r/s will be the kiss of death people think it will. And my opinion on that also changed because of the news this week.
I will vote yes because it doesn't matter at this point.
I voted "no" because it matters to me that management know that I am opposed to it. I believe that voting "yes" gives the impression I support it, not that I necessarily support management.
If they were working on this latest financing deal, giving away large chunks of stock at a low price or free, they should have had market support as a condition of the transaction, so that no RS would be necessary. To me, it was one or the other -- expensive refinancing or RS -- but not both.
Since the expensive financing was forced on us without input or a vote, that should be enough to solve the problem or it shouldn't have been done. So, I voted "no" on the RS.