Nah it's not really to do with the number of shares on issue. No matter what number used for the reverse split, there'd still the same number of individual parcel holders at this point in time, they just hold less shares in their parcel. If the split hadn't happened and there was still over 200m shares on issue, we'd have the same problem, if there was a billion shares on issue, same problem.
There's just a lack of seller numbers, or better put a lack of holders able to sell on the Nasdaq. The Nasdaq buying depth was reasonable per the screenshot above. I can count heaps of orders within a reasonable range totaling about ~usd$200k. nothing wrong or unusual about that but definitely something wrong with the selling depth.
Bit of a Catch 22 because if trade did open up over there and the price held up reasonably with volume, I'd bet more holders here would wanna convert and sell, helping the cause further.
SZL Price at posting:
$19.79 Sentiment: Buy Disclosure: Held
