GENE reverse split 1 for 5 at about $1.80. $1.80 times 5 is 9$ a share. This isn't when the exact split happened so my example is relative.

But say that was the case, immediately after the split the share price should be 9$ right? No gain, no loss just new price. Why did this not happen with GENE, or come to think of it an other chart I've seen with a split? I am all sorts of confused at the moment. What the heck am I missing? This thing is a pump and dump right?