Not so sure because I personally know an Issuer who filed corporate actions with the Secretary of State for a reverse split and FINRA’ main concern was if their was any outstanding warrants/options, convertible notes, or any form of toxic financing, which there was none, and the actions were approved by FINRA within 4 weeks. After submitting the actions the Issuer asked FINRA if a press release could be disseminated regarding the coming actions since it had already been filed with the Sec of State, but was told not until the review process was complete and the actions were approved.
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