You wrote, "...As far as the intentions of management, its NASDAQ or bust. These guys want to be real businessmen from a respectable company..."
Sure great, let them prove this by having a SOX compliant audit done NOW pre-split rather than in some yet to be defined time out in the future post split.
This company isn't any more credible or buy able (by institutions) without this audit. The NASDAQ listing is a red herring without a SOX compliant audit, and the required number of independent directors they contradictorily wish to reduce (per the proxy item #3).
The excuse for not doing the audit was always the cost. When the company was using money to pay off the toxic notes instead of to accountants to comply with SOX I could better accept the rational for delisting even though I did and do not think this delisting was a good move.
However now that the company stated twice during the CC that it has the means to support the share price at $4(ie buy back shares) post split, IMO that money would be better spent pre-split to do the audit NOW especially so the company has its ducks in row and is closer to meeting the NASDAQ listing requirements when it does do a r/s to get the OS down and the price up to the listing requirement hopefully when the PPS is higher (which an audit would help, if all the numbers presented thus far in reports are accurate) so a much lower r/s ratio is required.
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