The share price was north of $4 from about mid-December to mid-January, with heavy volume throughout. It seemed likely to stay there, especially since Leo knew that more catalysts were upcoming for 2015. Agreed that the sp was below $4 at time of early February uplist application, but my supposition is that this was seen as a short-term phenomenon, and that the price would rise back above $4 while the application was being reviewed, maybe even just with the announcement of the uplist application itself. So many good things bubbling on the stove - what could possibly go wrong?
My amateurish understanding of the Nasdaq Capital Market requirements is that a company can be approved for listing with corporate governance requirements of A, financial metrics of B, and a share price of $4, or with corporate governance requirements of A, financial metrics of C, and a share price of $2. I know you're wondering if it was a corporate governance deficiency that put Ctix's application in the pending file. But those requirements are the same across all Nasdaq tiers. If in fact Nasdaq had informed Ctix that their application was on hold due to corporate governance, Leo would have been taking a huge and foolish risk by publicly stating that the uplist had not proceeded because of share price. He may well have killed Ctix's chance to uplist to Nasdaq, ever. I don't think Leo would take such a risk.
That said, Leo stating that share price alone was the issue, while technically correct, was not the whole story. There was also a financial shortfall in the mix. My opinion.
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