I agree with you and only wrote a hypothetical case so some others could see what the process would be. And it could get more tangled too. Not long ago with Spider Resources, which I own some, the issue of a reverse split came up. On the forum many shareholders were against it. I did some DD and saw that management did not own a significant amount. In fact, I was surprised at how little they did own. I concluded that the measure would get voted down, and it did. I have seen quite a few reverse splits and most succeed. This is because management controls so many of the shares. I have not checked Noront's holdings by management so I have no idea what would happen. I just don't expect anything near term. But you never know do you?