Coates International Ltd. (fka COTE)

[gregsrosen84]

The only purpose of the filing on March 2, 2015, made by the Company was to keep all options open and enable the Company to declare a reverse stock split at some indefinite point in the future, if, and only if, the board of directors determines that the market and other conditions for the Company have improved to the point that the reverse stock split is more likely to achieve the intended objectives for such a reverse stock split.

In other words, they would do this to get listed on the Nasdaq. A stock is considered a penny stock if it is under $5.