Carl, interesting post, thank you. It made me check on the press release dates, SEC settlement was June 1; application for up-listing July 23.
Nasdaq may use its authority under Rule 5101 to deny initial or continued listing to a Company when an individual with a history of regulatory misconduct is associated with the Company. Such individuals are typically an officer, director, Substantial Shareholder (as defined in Rule 5635(e)(3)), or consultant to the Company.
Given the history of Mona when he was CEO, and is still an employee (Emeritus Something or Other) I wonder if the NASDAQ peeps are in some kind of negotiation about this. They want to maintain the integrity of their market and if Mona still has any say in what the company does, maybe they don't like that.
Im just sayin..