Am I looking at the proverbial needle in the haystack when looking at MSTR?

Not at all, try JCOM and IHR. for example. What marked these companies was a strong balance sheet with improving prospects. Those that fail are invariably in dire financial straights.

With the Authorized now at 600,000,000, any reverse will increase the purchasing power of the remaining stock eg 400,000,000 @ 1-for-5 reduces the issued to 80,000,000, and with a $5 share price will give the Company $2,500,000,000(in stock)for future M&A activities, more if the price appreciates.

With a cash in hand, increasing revenues, and a share price over $1, I humbly suggest that the probability of a successful R/S is 1. Remember, once on NASDAQ institutions are able to buy, in fact, some may have to if they are required to hold a weighted amount in particular sectors.

Be well