Suppose Baltia reduces its O/S down to 10 million,

Suppose Baltia reduces its O/S down to 10 million, and the company announces ticket sales and the market decides to value Baltia at $500 million. In this scenario, having 10 million shares is great for us because each share will be worth $50, so we'll feel like we can afford to buy more shares.

Now let's say Baltia is 2 years into revenue flights, and the market sees profitability and quick growth. What if the market cap approaches $3-to-4 billion? Each share will be worth $300 to $400. That prices out a lot of potential investors. Who wants to own just 4 or 5 shares of a large company? This is the reason why Apple did a forward split not too long ago (just one of many forward splits since their IPO).

You could easily argue that the forward split scenario is better, and you may be right. But it may also be just as good, if not better, to have a share structure that can be sustained for a few years and possibly even reduced with share buybacks followed by forward splits. It would make the market go batshit crazy over this stock.

Regardless, all of this is speculation. We'll have to wait until the SH meeting to vote on the R/S they propose. And like you said, if it makes us money, who cares.