Also interesting - you bolded "in a ratio as determined by the Board of Director". At first glance that looks most important. On second reading though, it's not as interesting as the end of the sentence, "or the new listing standards for an alternate exchange to be chosen by the Board."
They're asking for permission to either do a reverse split at any ratio (for the purpose of staying on nasdaq) and simultaneously asking for permission leave nasdaq for some other exchange (and split for that one if necessary).
I'm not surprised by any of it - They're in a position that they have to do this.
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