They could have simply issued a press release that said "The company has decided not to execute a reverse split."
Could have, but.... when the company became current the share price didn't explode upward. That put Sethie in a bind because a major part of his turn-around (hype and message board) strategy was a magic uplist. So, given the type of investor in TAUG, the only worse outcome after diluting to skat is a reverse split to escape pinkyland. Therefore IMO the disjointed confused press release. And the feckless Sethie regime rolls on.
There was no need to state that their approval was conditioned by a proportional decrease in authorized shares.
In many states the proportional decrease is the only way to reverse without a proxy, but 8:1 is just plain dumb. Any reverse merger, every reverse merger, is going to require a draconian reverse. And if Sethie does do the reverse split, he will have to do another one when he does an M&A transaction.
Sethie, Sethie, Sethie.
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