The absolute value of one share doesn't really mean anything. No matter how you slice it, down 40% means that the company lost 40% of its value overnight. That's pretty Earth shattering for any company IMO.

Did you just answer your own question? Sure, the share price is a psychological element and, in conjunction with pre-fractional-ownership, it helps explain the prevalence of splits above $100/share. But no, the individual unit price doesnt affect true “value”, marketcap, or fundamentals like future discounted profit model.