It can be done loneagle with the right circumstances. Two stocks that come to mind that I also thought would tank when they did it, actually pulled it off successfully. Normally, i would oppose such a move because MOST stocks that do it, do it out of desperation. Not in these cases.

If EFL did a 1-5, listed on Nas, then financed 20 mil shs, they would have approx 55mil shs outstanding, approx $100mil in cash to clean up bal sht. Plus enough cash to move forward with growth plans. The improved health and outlook, plus current growth should sustain the SP around $5 or higher. Pretty impressive situation for attracting new investors. Just need a broker or two to support this.  

PLUG Power as I have already mentioned did it, listed on Naz, then financed to clean up their bal sheet and now sit with a measley 16mil shs. The SP can swing a lot because of the low float. but at only 16mil shs, they have tons of room for new issue.

LAC Lithium Americas also did a 1-5 rev-con in 2017, listed on NYSE and their SP ultimately hit a high of 40.00 USD in 2021. This is a former BC mining stock, an industry one would expect hugh share counts and  rev-con to constantly generate new funds to stay alive. Worked for them. Currently, being a mining stock and market conditions have dragged the price down.

November 3, 2017

Vancouver, Canada: Lithium Americas Corp. (TSX: LAC) (OTCQX: LACDF) ("Lithium Americas" or the "Company") announced today that it has applied to list its common shares on the NYSE American stock exchange.  In connection with the planned U.S. listing, and as previously authorized by its shareholders, the Company is implementing a consolidation of its outstanding common shares.  The Company’s board of directors has determined that the consolidation will be effected on the basis of one new common share for every five currently outstanding common shares.  The consolidation will take effect on November 8, 2017 and the Company’s common shares are expected to commence trading on the Toronto Stock Exchange on a post-consolidation basis beginning at the open of markets on November 8, 2017.  There are currently 442,281,126 common shares issued and outstanding, and it is expected that there will be 88,456,225 common shares issued and outstanding following the consolidation, subject to rounding for any fractional shares.  No fractional shares will be issued as a result of the share consolidation. Fractional interests of 0.5 or greater will be rounded up to the nearest whole number of shares and fractional interests of less than 0.5 will be rounded down to the nearest whole number of common shares.