You are spot on and I am amazed that this fundamental aspect remains a mystery. I have repeatedly said four things around the share count...
1. A R/S DOES NOT CHANGE THE AUTHORIZED SHARE COUNT ONLY THE OUTSTANDING SHARE COUNT.
(Did I type that loud enough?)
2. The increase in A/S by Elite specifically meant there would be no R/S, as a reverse would have given Elite sufficient O/S to manage the business.
3. Because there will be no reverse, there is no real intention of getting onto the Nasdaq (this is not a bad thing).
4. Finally, the reason companies that do a reverse find their shares going down in price is because they are attempting to REMAIN ON A BIG BOARD. Something that infers risk and creates share volatility.
Since I am here...one more thing...
Given the impact the pandemic has had on companies, we are seeing an increase in M&A activity. That Elite is shielded from that because they are small and "just" have Adderall IR & XR is unmitigated nonsense. Beyond the work on the pipeline that remains out of sight, so is the interest by another company to purchase a firm that is CFP and bordering on profitability. Take a look at Elite's P&L and realize how much would be stripped out if acquired. So, the revenue producing products remain while the operating expenses get shifted to a company with a lower cost value chain. That means more money to their bottom line and all the reason why a profitable Elite would be an acquisition target.