Questions Answered Regarding Reverse Split
In early December 2011 Genta attempted to do a reverse split the same one that is in question now. The 8-K at the time read "absent any further waiver or amendment, the reverse split must be implemented by December 15, 2011." FINRA the regulatory agency denied the company's request and so the company filed an appeal. The answer to the appeal did not come by Dec. 15th so the company amended the notes (11th amendment) and a new 8-K was filed stating "absent any further waiver or amendment, the reverse split must be implemented by January 15th, 2012."
Obviously FINRA's decision on the appeal didn't come by Jan.15th or the split would have been implemented so the company decided to amend the notes again (12th amendment)and the new 8-K reads "absent any further waiver or amendment, the reverse split must be implemented by February 15th, 2012."
The must be implemented is irrelevant at this point seeing that it didn't work the last two times December and January. The ball and the decision is completely FINRA's not GENTA's to make. If for some reason FINRA approves the split how easy do you think it will be for them to do another one this same year. The company had planned on two more this year but I think those plans are changing IMO.
Banker
