These are his exact words from the Q1 call:
“The big challenge in terms of our listing requirement is a shareholder equity. So the listing requirement for the NASDAQ I believe has a $5 million shareholder equity, while New York Stock Exchange has a $4 million shareholder equity. Now, we don’t need that shareholder equity.
We can actually apply to get on the New York Stock Exchange and do a raise in conjunction with uplifts. So that is something we are or we had considered in the past. Another way to do it is, to actually meet the listing requirements and don’t do a capital raise right now
And our goal was not do a capital raise of – like $4 million to $5 million capital raise in conjunction with an uplift, because that becomes a little bit expensive, because there is a lot of risk to investors where investors don’t know what impact it’s going to have, that uplift is going to have. So, there is a lot of – sort of variable risk of the stock can go down significantly or what impact it’s going to have overall.
So what our goal was originally for shareholders’ benefit was to say, hey, look, if we can meet that listing requirement prior to an uplift and then uplift without a capital raise and once the stock stabilizes, then do a capital raise. That would be our first choice. So we are still evaluating. We might continue down that same path or we might go in a different direction.
We are actually interviewing and having fantastic conversations with some of the most reputable banks, investment banks out there and we are actually looking at both from a timing perspective and structure perspective what would be the best way to move forward. But this is something that is definitely high on our radar and it’s something we are definitely working towards.”
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