I think the 20 day wait period is for it to take effect not to be voted in. Once it's voted in on the 10th (an assumption) by shareholders the proxy says the board can then can implement it at anytime "at its sole discretion" from the 5:1 to 20:1 up until 12/31, but it doesn't actually get split until 20 days later.
The CUSIP will have a "D" on the end of it until it takes effect 20 days later at which time it is removed. (see link below). So they could actually announce it on 3/11 IMO after a quick board vote. It may not be a coincidence they set the date of the vote 20 days before earnings are released.
I believe the lenders and new management could be extremely motivated to get to the uplisting sooner rather than later because it could enable the company to pay them off in full much sooner and still have cash leftover for expansion. That could be the lenders ultimate exit strategy as it was with the last re-IPO attempt.
Anyone please correct me if you think this could not happen legally or that the board would not do this. I mention it only as a realistic possibility to consider. Thanks.
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