From what i gather the spike will not flower again so i would cut it. If you divide it you must have 3 or more pseudobulbs per division but if you want a specimen plant then leave it alone....it will give you a better display/number of spikes, as it increases the amount of p-bulbs it has. Once it grows a new p-bulb that will be your future host for a new spike when it matures. If your culture/conditions are sufficient. Once the new growth is mature it will either produce a new p-bulb or spike depending.