The problem with the reverse split is the downward journey is swift. By staying on the current path, they can at least prevent that to some extent and also prevent a mass exodus of existing shareholders.
Either way, the company has no real future except endless dilution in pennies at increasingly lower share price.
The fact that they are talking about moving on to Direct trials coupled with all the delays in MHRA review of L pretty much indicates that L is likely going to be rejected. Otherwise, why wouldn’t you want to run new trials with L in other indications when it is about to get approval in GBM. Also, why wouldn’t you spend resources on commercializing L in GBM indication in UK & US rather than spending those scarce resources and money on new trials with Direct. Makes no sense.
It seems they knew L was going to get rejected and the submission in the UK was merely a hail mary pass to keep shareholders engaged for an year or two while their buddies cash out and they work on logistics for a new Direct trial.
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