CEO's making statements about uplisting to NASDAQ, as McWilliams did, should be held accountable for such statements if they prove to be completely meritless.
Meritless or not, they just shouldn't make them.
"The purpose of this reverse stock split is to position the Company to become listed once again on a national exchange, subject to our ability to satisfy the listing requirements, which should allow the company access to a much larger group of investors that will only invest in companies that are nationally listed, as well as enhanced liquidity to our shareholders. We look forward to the enhanced recognition and accessibility that a possible listing on a national exchange will bring."
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