Thursday, September 22, 2016 4:09:34 PM
Feb. 9, 2015: First delist warning (under $1)
Jul. 17, 2015: Reverse split 1:10 (back above $1)
Aug. 5, 2015: Notified back in compliance
Sep. 28, 2015: Second delist warning (under $1 again)
Mar. 29, 2016: 180-day extension granted
Jun. 20, 2016: Reverse split 1:12 (back above $1)
Jul. 5, 2016: Back under $1 (didn't make 10 days to void delisting)
Aug. 9, 2016: SH meeting announced for Sept (*) to vote on yet another reverse split
Aug. 19, 2016: SH meeting scheduled for Sept 22.
Sep. 22, 2016: SH meeting adjourned to Oct. 3 "to allow additional time for the stockholders to vote"
Seriously? Six weeks since they first announced the special shareholder meeting and they still need to give the stockholders more time to vote?
Given that this is their second delist warning, and Sept. 26 is the end of the 180-day extension (second 180-day grace period), AND since receiving that first delist warning they diluted the bejeezus out of the share holders (OS went up by like a factor of 20x!!!), what are the chances that Nasdaq will grant them another extension to stay listed?
And if they do go to the OTC, is there enough liquidity there for IMT to convert enough shares to cash to pay for the IMT deal? Recall xG paid $2.5 million of the $3 million purchase price with shares. If IMT doesn't convert that to cash by Dec. 31, xG has to cough up more shares or otherwise raise additional funds. Will the IMT deal fall through in the end just like about every other deal they've ever made? Will XGTI be delisted from Nasdaq? Will xG list on another exchange? Or go private? Or will xG simply go "poof" and everybody will wander off to some other "business venture"? Enquiring minds want to know!
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