I thought it was interesting that the preferred stock increase proposal failed after they raised $40 mil with the last preferred stock offering they did. Can they even do a reverse split with the increase of stock to stay listed or is it just for raising more capital? They have no more preferred stock to raise money with. It's a strange situation.
I'm not even sure they can do another split without another shareholder vote. If not then they probably have to buyback a lot of stock to increase the share price above $1. The resetting of the exercise price doesn't seem to be a big deal as it is at $1.10 I think so what else can they do to get it back up there?
A similar thing happened to $EC*G in their last vote. More total auth. shares but no preferred was approved. It backfired on the shareholders because they had to do a huge reverse and they severely diluted the common. Maybe this strategy was to avoid another split? IDK.
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