No one answered my question so I called IR. Yes, PEIX does require majority SH approval for the R/S which will allow an amendment to the corporate charter.
The core issue at hand is that if they don't get the PPS > $1 by June 2 or so that the stock will get "delisted" from the Nasdaq. And if they get delisted PEIX will be in default with their creditors, which would put the creditors in the drivers seat (liquidation, debt restructuring, etc). But I think now that delisting is the lessor of all evils. Yes an R/S will put PEIX in good standing with their creditors (but only until the PPS falls < $1 again), but at what price to the SH? If the PPS loses 75% of its value after a 1 for 15 R/S due to post-R/S PPS southern drift) then the SH have gained NOTHING! Lost their shirt actually, but we saved the company from the creditors. I don't know about you, but my priority is to preserve my SH value over saving the company from delisting to the pinkies! Let the delisting happen and then let the cards fall where they may. An R/S without other positive news is a formula for SH PPS disaster.
If PEIX had positive news to report to drive the PPS up, IMO they would have done so by now. It's the June 2, 2013 drop dead date that is driving this R/S thing. If PEIX goes into default a lot of corporate executives at PEIX could lose their jobs if there is liquidation. So they are just trying to save their asses.
If PEIX gets delisted to the pink sheets they will still require SH approval for a R/S per DE law.
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