The company has long raised funds based on the hope of riches that in truth were nothing. Thinking a reverse-split is good for the company is insane. It was part of the requirement of the 180-day extension so it must be put to a vote as one of the conditions from NASDAQ since they will not meet the $1 price requirement by the deadline.
If it is not approved, it is off to the pink-sheets.
If it is approved, the market cap requirement is still an overhang on the company and there is no extension on that. So it just may delay the inevitable.
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