FWIW, I do not think a reverse split is going to do anything in the medium or long term. I get the point about the number of shares being an issue but that is secondary. It certainly isn't going to correct for the mistakes Cozen O'Connor has made so far or might make in the future. It won't get us any closer down the path to resolution, whether that is trial or a settlement. We need news in the case, action, good decisions from the Court, proceeding down the path to trial or a settlement. We will not get to good decisions from the Court until we get past this dismissal stage. This case will not settle until the pressure of trial is looming. Unfortunately, because of Cozen O'Connor's mistakes, we are still fighting about whether the case will be dismissed under Rule 12, a very very very preliminary step. We are no nearer to trial or settlement than we were when the case was filed almost a year ago. In fact, we may arguably be back at the point that we were at a year ago, given that the judge has dismissed this case and has given us a life line to bring it back. Hopefully, the judge allows the amendment. Hopefully, PM does not then file another Motion to Dismiss against the amended complaint. Yes that can happen. I expect that to happen and I expect PM to file yet another Motion to Dismiss the amended complaint if we are allowed to file one. If that happens, that would probably mean that, at best, we are looking at early 2022 as a probable date when we can say that we are ok to proceed. All of that takes time which is painful for investors. All of that could have been avoided if Cozen had been as aggressive has PM's lawyers have been. These are the realities that we face as investors in this stock. I am an investor in this stock and i face that reality. so does everyone that is long. Hoping for a reverse split will do nothing to sustain us in my opinion. That is not news of anything. Look at Humble (HMBL). They were trading in the pennies and did a 4:1 reverse split earlier this year. The stock went up on the news, up to 5 or 6 bucks, but that hype only lasted a month or so because there was no actual good news to sustain it. HMBL's stock is back at 85 cents. A reverse split is not a panacea. It is a temporary solution that without news will result in the share price falling again.
Meanwhile we have other dark possibilities in our future. The PTAB might grant the IPR regarding the validity of the patent. That is a potentially upcoming negative event. That will come in the next couple of months. If granted, PM will move for a stay if the judge allows the amendment and does not dismiss the case. PM's device may be enjoined from sale in the US. That is another negative event. Time is not on our side here. The more time that passes, the more negative events that can occur to bring us down. This is patent litigation, not a slip and fall case. It is complex. The most complex kind of lawyering. Right now, we are in a void of news that would have been great for the stock price had the judge denied PM's Motion to Dismiss. But Cozen screwed that up in my opinion. Now we have to hope they get it together with looming PTAB and ITC decisions coming up. Even if the judge allows us to amend, how will the market perceive that if the PTAB has also granted the IPR and if the ITC grants an injunction. In my opinion, we lost a critical window here. And that was mostly Cozen's fault and partly HCMC's fault for not staying on Cozen. Whether or not Cozen gets it together, we lost a critical window of opportunity where there was not bad news and the potential only for good news. Now I fear that the good news we are all hoping for may be spoiled by bad news from the PTAB and the ITC. I cannot tell the future but what a colossal screw up if you think about it that way.
My point is that while the share structure is an issue, the bigger issue is poor lawyering and not moving fast enough. We should not be asking for extensions to fetch evidence we should have had together a year ago. There are good signs lately that Cozen may be changing and waking up. I just hope it hasn't come too late. But if you are going to email Jeff, email him about that. The share structure is a problem but it is a secondary issue.
