es1,
Here is the likely process, if it doesn't answer your questions you will need to let me know.
1)most likely ACT has been pre screened by Nasdaq. ACT has stated
prior the pps is the only item holding them back. $4 bid price is needed.
2)likely ACT will make formal application in the near term. The acceptance would be contingent upon "shareholder approval of reverse split proxy".
3) April 26 vote: If approved, most likely things would move quickly to set a date for stock to trade on Nasdaq. At roughly the same time the reverse split is enacted by the BOD at a ratio most likely determined by the then current share price...
Rabin mentioned the Russel 2000 Index inclusion which suggests to me a listing to NAZ prior to May 31..
Q: What's the basic process?
A: On the last trading day in May (this year May 31), all eligible securities globally are ranked by their total market capitalization. Companies whose stocks are listed on eligible stock exchanges in eligible countries and who pass minimum liquidity and other investability rules are considered for inclusion in the indexes. Beginning on June 8, preliminary lists for the additions and deletions to the indexes are communicated to the marketplace. These changes go into effect after the close on Friday, June 22. All Russell indexes are subindexes of the Global Index.
