Again, if he had two more independent directors in hand, one of which was a financial "expert", and was prepared to accommodate the corporate governance issues (which are basically the same for both entities), he could apply to uplist to NYSE MKT. Apparently that is not the application that he has on his desk, though.
"I assure you I have a mostly completed NASDAQ application on my desk. However, before applying there are factors that we must consider for the best long term value for Cellceutix and its shareholders. A basic requirement is that we have the capital on hand to complete one year of projects and can't have a going concern opinion from the auditors. (The same is true for NYSE-MKT). To accomplish that I would need to dilute quite heavily at the present price of about $3/share."
Fortunately the italicized requirements do not appear to be part of the initial listing standards of either NASDAQ or NYSE MKT. Perhaps they are his own personal requirements.
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