Nelson Mandela, Rosa Parks, Lech Walesa, David Brearly, Benjamin Edes, oh, wait a minute. Those weren't all Americans. And of those that were, none of them were arrested by the American federal government.
We don't accept the federal government arresting its citizens without justification.
Nasdaq was not justified in refusing to provide 60 days, as required by law, for the company to regain compliance, either. Why should we accept that? The actions of an SRO, with discretionary power, ought always to be viewed in the brightest light.
It looks to me that the financing provided by the PIPE investors represented an imminent threat of the company's ability to move forward. It had to be stopped immediately; no waiting the 60 days. Whether that's true or not, without a single KBIO-related charge yet, it appears to be a distinct explanation for Nasdaq's premature punitive action, regardless of what prompted it.
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