Because if you read the merger agreement the stupid lawyers made a ton of paperwork to close the merger. They also have to wait for the TA to cancel and issue shares besides waiting for the lawyers to do their jobs. Typical. You know the CEO owns both companies its a done deal and just a matter of time.
Most important of all....The CEO is obviously trying to make things right after the stock price plunged. Every share 12Japan is getting is coming from the CEO's shares he is cancelling and reissuing to 12japan. He basically threw his other company 12Japan into RETC and used his own shares to put more value into RETC.