Agree that it is not a dilution. It does make the stock more attractive to buyers. I have Apple and I hat the thought that I paid just under $300/share. I would rather buy a $30 stock just for psycological reasons.
I am quite confident that a split is in progress. I will then buy back all that I sold and more.
Another $3 per share and this becomes a $Billion dollar cap.
Well, all "methodology" aside, NEOG has routinely split whenever it has gotten much above $30. So, the thinking is they would split because they always have.
I'm not sure I would call a split dilutive. To the best of my knowledge, dilution only occurs when you own a smaller percentage of the company as a result of new shares being issued. A split is a neutral event. You own twice as many shares of a stock worth half as much. Or, in your example, you will have 2 shares with $0.50 in the bank or 1 share with $1 in the bank. No difference.
I'm not sure I know why mgmt likes to split. A common excuse is it keeps the price lower for the small investor. This used to matter when you had to buy in large blocks, but I can't imagine why it is relevant today.
Of course, splits do seem to have some psychological good karma associated with them. I don't know if people simply don't understand the math or are relying on the fact that a split occurred to indicate the stock has been doing well (as opposed to just looking at the price chart). Nevertheless, there is usually a short term price bump afterwards. Although, I think I've pointed out before, you can almost always buy NEOG at the pre-split (adjusted) price sometime within a six month period after the split.
The one potential benefit (for me, anyway) is that more shares means more volume. That may help reduce volatility but I'm interested because it means NEOG might have Options available once they have a little more volume.