At about $0.25/share, the company will be in violation of the $15m value of publicly held shares. This is a separate requirement than the $35m market cap.
The important thing about the $15m number is it is explicitly called out by NASDAQ regulations as a reason to NOT give a 180-day extension.
Nice job management team. The only way you can explain the disconnect between the words and the results over the last 2 years is one word: fraud.
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