Close but not totally correct. They need the RS approved so they present it as a via LS plant to present to Nasdaq to gain a six month extension to the A$1 requirement. Do I think staying on the Nasdaq for now is necessary. Do I trust they have catalyst that will get them ove a $1. Do I trust that they will wait 6 months after they get the extension to see if they can get the stock over a $1.
The answer to all above is no. I will vote against the RS regardless of what it means. I want a new BOD for my vote. IMO they want a RS w/o splitting the AS and an immediate sale of a large chunk of shares to dilute retail SHs out.
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