To up-list- Then dilute the company by issuing new shares to investors that will take the company to the next level. Alternatively majority share holder can issue new shares to themselves post split as compensation. This won't be the first time something like this has happened. Management does not owe anything to current share holders in fact they would probably like to get back at some of them the note holds that diluted this......?? Please fill me in if I'm missing something. I've been doing some research on the company.
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