* Only about 1.4 million shares currently outstanding

* Planned conversion would boost share count

* Company reports revenue drop of 38.3 pct

(Adds Q2 revenues and EPS)

By Ernest Scheyder

NEW YORK, August 4 (Reuters) - Chemicals maker Georgia Gulf Corp (GGC.N: Quote, Profile, Research) said on Tuesday the New York Stock Exchange had contacted it about a multiday rally in its shares that was apparently sparked by a reverse stock split and debt conversion.

On Wednesday, the Atlanta-based company converted senior notes into preferred and common stock as part of a plan to cut its debt in half.

Georgia Gulf also completed a 25-for-1 reverse stock split.

At one point on Tuesday afternoon, the shares had risen to as much as $47.18 on the New York Stock Exchange, before receding to close at $32.30, up 34.45 percent for the day.