IMO ZLCS did a reverse split so they could sell shares to Lincoln Park without having the fear of being delisted.
If they sold the shares to LP at slightly above $1, ZLCS may have dipped under $1 requiring a reverse split.
Now they can sell up to $25 million to LP and now worry about being delisted.
and also to protect themselves if the trial does not meet the endpoints. zlcs could lose 70-80% and still remain above 1 dollar, not risking delisting from the nasdaq.
Reposted for someone inquiring about reverse split.