Dough Theory ... You're Ignoring the PR that Stated Up-List to a Major Exchange was in the Plan! You're also Ignoring the Other Options to get there without a RS! Maybe Something to Consider - Spin-Off/s, Preferred Shares for the "Friendly Note Holder" or Share Buy-Back Program! There are Other Possibilities as well, but it's all Speculation as to how Management intends to do it IMHO!
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