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trader59

12/05/21 10:55 PM

#63015 RE: Money $hot #63011

The reverse split was done in advance of the uplisting, and was a part of the plan forwarded by the company and the underwriter to NASDAQ in their application for listing (ie - even thought they hadn't done the RS at the time they applied, NASDAQ knew they were going to). Once the company had a commitment from the underwriter to buy the $23M of stock (to pass onto the clients) with an agreed price for the units, NASDAQ accepted the listing contingent on actually doing what they said.