I must admit, I don't know what has to be done to accommodate this change, but I would be surprised if they had to start from square one. I would also be surprised if Mr. Hamre had promoted Michael Maloney to Chief Operating Officer if he didn't have confidence in the deal being completed soon. Core business has been good, but I don't know if it's enough to warrant a COO or not.
As far as a reverse split, others that have more experience trading than me might have seen this work, but every stock I have observed that has done that has an immediate drop in PPS after. The PPS might retain enough value to qualify them to up list, but at what cost to investor confidence? If you want to be seen as a legitimate business that cares about it's stock holders, I don't think this would be a good move.
All IMHO of course :-)
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