A split is not done because companies want to but because they have to do so. A reverse split is mostly done because it goes bad or the company has problems of liquidity and the company itself doesnot believe that the shareprize will recover.
But in most cases of all the splits- and SPQ will probably be not an exception on this - value will not be 0,35 cents like you wrote. Within a few month a loss of 40% of the share-value is not an exception and shareprize wil end probably at 20 or 25 cents or maybe lower.

(On the other hand: It is also easier to attract bigger buyers when share prizes are higher).

Then, but probably not in this case: shareholders with less then 10 shares are not longer shareholders anymore.

Can -in this case- SPQ directors declare a reverse stock split without shareholder approval?
Regards
Nicholas