That, I am not sure. I'm not a professional, so I can only speak out of opinion. Other's may have a better idea.
Reverse Mergers can be very quick or take some time. Keep in mind, Pixelmag's is a private company that is attempting to go public. I can't imagine that being easy.
The 8k is rather large, so a transaction like this is bound to run into some road blocks.
We at least have evidence that progress is being made: