Nasdaq publically traded companies have to meet the Nasdaq requirements in different ways. $1 pps or greater is just one of the requirements. It is interesting that the Nasdaq is asking for the $2.5 m shareholder equity or it might be that Apricus signaled that they were intending to achieve compliance this way.
Which one would be easier to obtain prior to the May deadline?
Keep the share price above $5, without the prospect of a major event before that.
You could sell shares, but you run into the same problem of not being able to sell a huge amount of shares and even if you somehow do, the share price lowering because of the dilution. Which makes the 35 m market cap unattainable.
Or
You sell shares, buy/merge with a company ( specifically a smaller one in order to remain in control ), ask for another extension due to the new position of the company. And then show the Nasdaq that you complied with their requirement by using the new company's assets, cash position and goodwill in excess of the required $ 2.5 m shareholder equity.
All you have to do is search in the Sec filings for this same company to get an idea of what I am talking about. Look around the 2009 / 2010 filings. Look for the filings before, during and after the merger between Nexmed and Bioquant.
They had $1.6 m in cash and also in shareholder equity prior to the merger. Next filing, post merger, they only had 479k in cash and showed a $2.6 m shareholder equity. How? If they paid for Bioquant in shares and owed millions? Through goodwill and intangible assets shown on the financial filings.
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