Ann: Notice of General Meeting/Proxy Form, page-206

As many of us have said previously. There are two reasons for a reverse split.

One is the hail mary pass to make your share look better to retail holders because its completely in the toilet.

The other is when you have something that should be of high value to major investors but due to their share price rules for investing they have you need to raise the shareprice to talk.

Unfortunately the great bulk of reverse splits are of the former desperation variety, not the latter grooming for bigger friends variety.

Show me statistics for the latter case rather than the both together and these references might make some sense. Just because there is analysis does not make it meaningful analysis.