Just curious why this was done in light of the bankruptcy approach
4 replies (most recent on top)
It was to buy time until the C suite bonuses could be paid.
I think it was actually to prevent it from being delisted. You can't go under a dollar or something like that. So as a last ditch effort, they reverse split.
To bide time as they figured out the next scheme. They would have been delisted and really looked like sh*t.
To trick investors, hence all these lawsuits. Just Google twou or 2u and you will see so many lawsuits accusing them of fraud.