No vote by retail investors needed. SHMN management has the controlling block, they can do whatever they want.
While the company can't sell shares to the open market, the way they can sell shares is even worse for shareholders. They sell them to toxic lenders for a fraction of the current shareprice. Then the toxic lenders sell them as soon as possible to make whatever the can off it. Then likely offering more money for shares.
Penny companies with far better share structures than SHMN have done a reverse split. It ridiculous to think a RS is only done to uplist. There have been companies that RS, dilute, RS, dilute,etc.... through many cycles. FINRA tried clamping down on that kind of activity, so the companies have to state some "uplist" BS, but let's be honest, penny stocks rarely if ever uplist.
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