I don't agree with your sequence of events since they are not interested in uplisting to Nasdaq right now.
Here is the sequence of events IMO:
1) Asset sales and debt refinance continue. 2) PPS will rise then settle at realistic valuation (e.g., .08 -.12). based on results of #1 3) 1:4 RS will occur 4) ICLD will uplist to OTC QX
Your scenario assumes they want to get back to the Nasdaq. I think a buyout occurs before that happens.