I'm not 100% sure but after what he stated in the SHL it sure seems like he can. I think he just wanted it as a whole package deal with FINRA approval would come new Name, New Share Structure etc and we could finally shed the ONCI name and all the crap that it had with it i.e. negative associations with the previous business.
He must surely think FINRA is close to give out a date of July 4th. This share reduction is make or break for investor confidence at this point for the short term.