If the Lawsuit holds any weight at the hearing, it could explain away the reverse splits.Mullen was forced to execute a reverse stock split to prevent the stock from being delisted by Nasdaq. On May 4, 2023, Mullen executed a 25-to-1 reverse split of its shares, which resulted in a reduction of the 3.7 billion shares outstanding to 152 million shares. The reverse split restored the price of Mullen’s share price above $1.00, putting its stock price back into compliance with Nasdaq requirements. During the Relevant Period, Defendants and the John Doe Defendants continued to place enormous downward pressure on Mullen’s share price by unlawful short selling, forcing Mullen to execute a second reverse split at 10-to-1 at the end of trading on August 10, 2023. This second reverse split decreased Mullen’s outstanding shares from approximately 1.8 billion to 181 million. This reverse split also restored the price of Mullen’s share price above $1.00, putting its share price back into compliance with Nasdaq listing requirements. Pages 1 through 4 of the Lawsuit. https://storage.courtlistener.com/recap/gov.uscourts.nysd.605311/gov.uscourts.nysd.605311.1.0.pdf
But IDEX did not get NASDAQ clearance until now. Even though they did a RS, they have no money. When the case is being considered by the hearing panel, they can be more stringent even if you meet the numerical requirement. How would you clear a company if they have no money.
The point is that NASDAQ wants to work with companies and not against them especially at this very tough time.
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