I feel they probably will do a reverse split, however, I am not sure how much and I think it will be needed as you said there is a high number of outstanding shares plus it will make the share price more attractive to institutional investors as none of them will probably touch it under a $1...Although I could be wrong just my opinion...

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See I'm a nice man but money turned me to Satan, I'm thirsty for this green so bad I'm dehydratin