Tuesday, February 09, 2021 11:22:39 AM
No, I was saying the exact opposite.
When they filed to uplist through the S1, the price was around .06-.07. That was refelected in the filing, making the RS at 85:1 ratio, to make the NASDAQ opening at $6. The initial offering of 1.8 million shares was therefore locked in at $6 also.
When shareholders overcame their cynicism about the future and decided to make an effort to raise the share price - very successfully! - it became obvious that a multiple of 85 would make the opening price much higher.
At that point, Ezra and his people wanted to cancel the 85 and make a much lower ration. But the legal people advised them that if they go through that process, they risk missing the deadline and everything will be thrown back for months, including the next steps in expanding, the LOIs, etc.
Is that clearer?
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