Its not the reverse split that opens up the ability to obtain quality financing...its getting to a higher exchange...
Mojo put his finger on a critical issue. We have at least 3 milestones we have to reach before we can uplist.
Steps to uplist:
1) Have an independent board of directors. (Oops! Not there yet.)
2) Have 80 million in assets. (Oops! Not there yet.)
3) Have a stable price of at least $4 per share. A reverse split may move us up to that level, but I don't think we could hold it for long in the absence of product, sales, contracts, etc.
Obviously the reverse split does not solve all of the problems before we can move to Nasdaq. The fact that KBLB is contemplating a reverse split, evidently an urgent priority, means the reverse split is not immediately being performed in service of an uplist.
There must be another reason for this reverse split. Although I have discussed the power shift that occurs through this reverse split, I don't think this is the only factor that is pushing KT to contemplate a split at this time.
Has anyone seen the Bylaws for KBLB? I'm wondering if board members are supposed to be elected during the annual shareholders meeting? If so, that would put the nail in the coffin. Without an independent board, KBLB can't uplist. We presumably have to wait another year to vote on the board of directors, so we could wait another year to talk about a reverse split.
Mr. Thompson's letter today is, at the least, disingenuous. He is focusing on the reverse split to allow uplisting without any plan for how to fully meet the conditions to uplist. I do not believe his urgent efforts to obtain permission for the reverse split are primarily designed "to obtain quality financing." There is some other reason he isn't talking about that is driving this move.
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