I believe that at $2 LP can choose to use her get out of jail card and rejoin the Nasdaq. It's been said that she want to go to the NYSE and if we move much higher after approval, great, go for it. If not, I hope she'll take advantage of the fact that years ago she chose to leave the Nasdaq, so relisting doesn't require the $4 minimum.
It's a shame that the exchanges make no consideration of market cap. At $1 NWBO will have a market cap over $1 billion, according to Google 75 to 80% of the Nasdaq stocks have market caps under $1 billion. At $2, when NWBO can qualify to relist, its market cap will exceed $3 billion, that probably puts it in the top 5 or 10% of Nasdaq stocks.
I'd be guessing, but even today NWBO's market cap is greater than perhaps half the stock on the Nasdaq.
Exchanges are probably the biggest reasons that stocks choose reverse splits, most that result in lower market caps, rather than being delisted. It seems to me that regardless of stock price, if a company has a market cap of say half a billion or more, it ought to be allowed to remain on an exchange regardless of the share price.
As big a downer reverse splits are, splits have essentially the opposite effect with share price rising dramatically on the split. Often within a month or so the share price is back at the level it was at before the split. Back in the decade from 1990 to 2000 Amgen went from the teens to roughly $100 while splitting several times, all totaled it was 48 to 1. I watched it happen and never bought in, just never imagined they could do it again each time I heard they were splitting. That probably will never occur here because we already have so many shares outstanding, but if our products prove to be tumor agnostic, in a decade or so if we've not been bought out, don't bet it isn't possible if they want to keep the share price in triple digits.
Gary
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