That's right the price will increase by 3X, but the number of shares you will have will be 1/3 so it all a wash.
So lets say you had 1000 share before last Monday. The price suddenly drops by ~$10 per share so that is why the stock was in the 6-7 dollar range. Now that it is close to $8/share thing are a wash from last week. Let's say we close at $8 today. Tommorrow you will have 333.3 shares at $24 per share again a wash.