Thought experiment that perhaps addresses the whole issue, and it is not moot.
Consider an after-hours-SEC filing on Friday telling us Cortex is doubling the shares outstanding... watch the stock price decline and the market cap plunge below ten million.
Option 2. Same time frame, Cortex announces in a terse pr that the company is disbanding, the intellectual estate is up for sale at auction to the highest bidder... in whole or piece meal. After the initial shock, there is no more worry about delisting(who cares?), no more worry about getting low balled by a pharma in "end-stage negotiations."
With option 2, the anticipation is different. What is the ampakine estate really worth? and who can afford to be left out in the cold. Anticipation would shift to who might be interested in one or all of the assets, and, at what price. The only downside would be management's loss of income, but they would share in the upside of what I would imagine at least a doubling of the share price, at time of sale.
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