How could maintaining the status quo (NO BID) be beneficial?
Say you owned 1,500,000 shares right now. Your liquidity is ZERO.
After 1500-1 RS you'd own 100 shares that you might be able to sell for a penny each (if you get out early) and get $1 out of it.
I'd take $1 over ZERO any day of the week, but if your content with where you are at (ZERO) and would like to stay there forever, then postponing the RS would be beneficial for you.
The key, however, is that the postponement of the RS is not beneficial to Beebe. Stocks with ZERO bid (like this one) are not good CEO ATM's like Beebe has grown used to. He needs a reverse split to make this offering liquid again, so he can continue to issue shares that will be bought by someone (for a penny, a tenth of a penny, it doesn't matter to him, really, as long as he finds his suckers). Then his ATM will be operational again, which fits his business model, as it assists his personal financial crisis.
GLTY.
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