I do not believe there will be a RS before the RM. Too many people holding huge lots of shares for there to be a RS before the RM. The one is not needed for the other to occur at a time of simple corporate reorganization and no business factors to consider. I believe the RS would come after the RM, or even later after uplisting to another exchange. Personally, I see Delfin uplisting to the AMEX (formerly NYSE American). They have less stringent requirements with all the institutional access that comes with the "Big Boards". The NIA actually believes that TGLO will issue MORE shares and INCREASE the OS to acquire Delfin's assets. So....many options are on the table.
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