Trying to think about this logically, here is what we know:
1. There isnt time to execute the RS before nasdaq deadline. A hearing will be required.
2. June 19th, a plan should have been submitted (no word from Nasdaq otherwise). Status: No update provided (limbo)
3. There is a mistake on this proxy that will require revision. This will cause further delay. Not sure the extend of the error.
4. Management, for unknown reasons, delayed RS vote until its too late to meet the deadline.
What are we to make of this?
Delaying RS seems purposeful....but why? Why no word from NASDAQ on plan to submit financials by such and such date?
Negative: Mgmt is withholding negative news in regards to sales thus doesnt believe it will naturally go above 1.
Neutral: This is a stall tactic waiting for something else to develop
Positve: This is a move to schedule a meeting of shareholders so people save the date. An updated proxy will be filed for a vote on acquisition.
Right now, im in between Neutral and Positive. I have a tough time believing negative because of the recent 8K detailing the purchasing agreement. Any updates on the financial impact of these agreements should send us over 1 so why RS and not just update us?
Positive side seems somewhat unlikely because updating proxy cards will delay the entire waiting period causing rescheduling of the vote; based on what ive seen in the proxy they will have to revise it.
Does this help or confuse you more? Im not sure what to make of it.
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