Nasdaq needs to approve first. Then the company decides the final split ratio and announces. Will trade on Nasdaq the next day based on the closing OTC price the day before. Next, the company will set the offer price for the $37 million capital raise. Finally, the announcement to close the Asia merger will be announced along with the closing of the Exchange Agreement with the 2 noteholders.
r/s first and then Nasdaq. But if they show progress toward revenue/net income then with more contracts with big boys I don't think r/s issue would be any problem or may not needed at all.
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