elleryqueen- Here is the quote word for word from the 8-K "As a result of the Eleventh Amendment Agreement, absent any further waiver or amendment, the reverse split must be implemented by January 15, 2012." I highlighted "absent any further waiver or amendment" because people fail to mention that option as a cure for the default. This was the 11th Amendment to the notes and warrants which shows they have amended it plenty of times before so what makes anyone say that it cannot be amended again.
IMO If FINRA rejects the reverse split then my guess is that we will see an amendment or a waiver. It will also put pressure on the company to partner sooner than later. "The Company sought this amendment to the G Notes to facilitate the continuation of ongoing discussions regarding corporate partnership opportunities for Tesetaxel."
As far as the Reverse Splits that were approved by the board of directors were 2 for 2011 (up to 100 to 1) and 2 for 2012 (up to 500 to 1). The one that is in question right now with FINRA is the 2nd for 2011.
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