Well, first of all, a VOTE on a potential R/S is on the way. The last vote (last quarter) was voted down.
I personally don't like R/S because they 1) give the iimpression of a lack of confidence for the stock to rise on its own and 2) they usually result in a reduction in overall share value in the time following that split.
You really simply have to ask yourself if you think the FUNDAMENTALS of this company will improve within the amount of time you are ok with your money being tied up in this investment. If you think CERP can take advantage of the environmental movement (i.e. the recent law passed in Italy and being discussed in other areas) then it really makes no difference whether or not there is a reverse split--as the share value should rise based on if CERP starts selling more product. If CERP cannot be profitable, then the share value will likely decrease based simply on that.
REAL news (or a lack thereof) is what is going to move this stock. I think we have already seen the result of the Italian law--the share price appears to be levelling at the $0.04 range. I am hoping for some news on increased sales in the coming months--and I am RISKING my money hoping for that. Lacking such news--this may become a loser for me.
The majority of the time a reverse split will produce a share price equivalent reduction of about 20%. This does not have to be forever, but most of the time this price drop will occur. So you have to ask yourself if quickly bringing the price up over a dollar is important. It may be that we are so far away from a dollar that the split makes sense. Personally, I don't like to see companies that are closer to a dollar split, as it usually indicates desperation and the company ultimately fails anyway, (see Satcon as an example).
But perhaps with shares at a nickle we are so far away from $1 that a reverse split is a good idea.
You asked for opinion, and that is all this is.