It's not unheard of to uplist and announce additions to the BOD simultaneously.
A recent example which resembles the position of CTIX somewhat:
DALLAS, Feb. 12, 2015 (GLOBE NEWSWIRE) -- Natural Health Trends Corp. (NHTC), a leading direct selling company that markets premium quality personal care, wellness and "quality of life" products under the NHT Global brand, today announced that its shares of common stock have been approved for listing on the Nasdaq Capital Market. Trading on the Nasdaq Capital Market is expected to commence on Tuesday, February 17, 2015, and the Company's common stock will continue to trade under the symbol "NHTC." The Company's common stock will remain on the OTCQB until it transitions to Nasdaq.
In connection with the Company's Nasdaq listing approval, the Company's Board of Directors was expanded to provide for five directors, and Kin Y. Chung and Christopher R. O'Brien were elected to fill the newly-created vacancies. Mr. Chung is recently retired from Bioherb Technology Company, Ltd., a private Hong Kong company that served as an importing company for food and food manufacturing products, which Mr. Chung founded and for which he served as President. Mr. O'Brien is a principal with the national law firm, Polsinelli LLP, where he specializes in corporate law. Both Messrs. Chung and O'Brien qualify as "independent directors" under the Nasdaq Marketplace Rules.
"We are honored to be uplisted to the Nasdaq Capital Market and to add Messrs. Chung and O'Brien to our Board," commented Chris Sharng, President of Natural Health Trends Corp. "The transition to Nasdaq underscores the strength of our business as a global provider of premium personal care, wellness and 'quality of life' products. We believe this move will support our evolution as a public company, increase our visibility to the institutional investment community, provide greater access to capital, enhance trading liquidity of our common stock and broaden awareness of our brand." Mr. Sharng added that, "Kin Chung and Chris O'Brien bring outstanding backgrounds and experience to our Board, and I have no doubt they will make important contributions to the Company."
In addition to the cash compensation payable to Messrs. Chung and O'Brien in their capacity as non-employee directors of Natural Health Trends Corp., they each were granted 3,058 shares of the Company's restricted stock. These shares of restricted stock will vest on a quarterly basis over a three-year period. The grant of shares of restricted stock to the Company's non-employee directors is designed to further align the interests of the Company's directors and stockholders.
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