Some facts:
Yes, the company had to have a reverse-split proposal as part of their plan to get the 180-day extension for the bid price non-compliance.
No, they are not doing the proxy because they have some super-secret, stealth deal in their back pocket. They are doing it because they are required to.
No, the shareholders do not have to approve the plan.
No, there is no 180-day extension for the market cap non-compliance issue.
Being "wrong" has been extremely profitable.