Where did you read this?
In my opinion I would find it very hard the believe that there are not enough shareholders to do the up-listing. This analysis is being made by more than just the company's management team. Do you really think that their Investment Ban would sped a second of time on this is there were zero chance of doing a deal because of lack of shareholders? Also, their lawyers and accountants would be very involved in all of the filings and tests to meet requirements. I would have to assume that someone might have said, "hey, you don't have enough shareholders to do this deal". Don't think that people would do all of this work and make these filings if it were not possible at all.
I will give the company a call on Monday and ask about this.
News 
Market Data 
Discover 
