RE:18:1 & NasdaqAgreed, even if it setlles at 30 cents before the reverse split, who cares. Fundamentally nothing has changed other than there will be less shares available for the day traders to play around with.
I can see the need for funding through an institution wanting to take a position. Intitutional buyers will only do that if they can control a good number of shares, thus the reverse split. This might mean more dilution but will also indicate success due to the reputation of having an institution on board.
Long story short, this is a long term play that is rolling out as planned.