NASDAQ is becoming a bit of a joke. The number of penny stocks that have remained on Naz through serial reverse splits has gotten out of hand.
They have proposed new rules that will make it harder, probably to appease the legit companies that are starting to make noise about the crap Naz allows to stay.
But they already have rules and means to kick companies like Mullen off. They simply choose not to enforce them and allow the reverse splits.
The reason they moved the meeting date to Sept 9 was because they would not be able to affect the reverse split in time to get inside the 30 day window.
If Nasdaq allows the split to go through regardless then the last shred of respectability of that market is gone. They have a public/investor interest to protect and they would be derelict in that duty. Mullen is a poster child example of what they should kick off by the means currently available to them.
If they don’t, then the new rules they are proposing are meaningless.
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