The idea behind releasing the financials before the R/S is that they will cause a run up in the price so SPCL can rapidly uplist to the NASDAQ. To do this they need a price of at least .04 before the R/S, which equals $4/share after the R/S. This is the minimum price needed to uplist.
You're correct in the sense that more investors and institutions will probably buy the stock post R/S, after it has a higher price, and is listed on the NASDAQ, because it feels like a safer investment at that point.
But waiting until after the R/S to release the financials makes little sense for the company, as it would lose out on any pre-split run-up.
With great financials there should be both huge pre- and post-split run ups in PPS of SPCL.
The bottom line is that releasing great financials (such as $48 million in revenues) should lead to a big increase in the PPS.
If/when it happens, the release of great financials is the signal for those on the sidelines to jump in and invest.
After the release of great financials, most investors shouldn't be reluctant to buy shares, because they know that the PPS of SPCL shares should increase, and the value of the shares they own will be exactly the same before and after the R/S (i.e. 100 shares at .04 = 1 share at $4).
