But you have options for number of shares to buy and when you get the options you have no idea how much each share after the IPO would be so you make a wild gue

But you have options for number of shares to buy and when you get the options you have no idea how much each share after the IPO would be so you make a wild guess and evaluate your offer. What happens after reverse split is, number of options you have decreases and the prices of each share after IPO is still the same or around your guess. That's how you lose money with a reverse split. I know. It's all because options have no value and people try to evaluate them but still...