You are correct as to what the original proposal was. And it seemed like a sensible idea, it might have worked at that time. However, Generex choose not to do it for whatever reason, and now the stock has fallen our of bed.
With the stock hovering about the $.02 area, they are really in a bind. At that level, the company market cap is negligible. A reverse split is useless....even a 1-100 reverse would only yield a $2.00 stock (temporarily) and that is not good enough to qualify for a listing anywhere, not to mention all the other shortcomings Generex would have to overcome about its net worth, working capital, retained earnings, etc.
The only hope is for Generex to have some positive news. Not a press release, not another white paper, not another conference. Some real news, say about an AE-37 partnership or approval for Ora-lyn in India, something like that.
That might be enough to get the stock up to a respectable valuation, I am not sure. I believe it is the only hope....