Filing with the SEC is cheap. Just a couple grand a quarter for an accountants review of financials. If i were him I would keep doing it until FINRA says that they will reconsider the split or says no for good.
He needs an audit at December 31st to file his 10-K that might be a bit more expensive and requires the accounting firm to sign up that all is well (financially). If I were the accountants at year-end the hardest thing I have to opine over is the FINRA issue. They will want a dissertation of the issue in the 10-K in order to cover their behinds.
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