The website means nothing in this process. Second,
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Posted On: 07/16/2021 3:24:34 PM
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The website means nothing in this process. Second, there is a 180 day cure period that starts after formal notice is made to nasdaq (again, the website doesn't count).
The 180 day cure rule is for listed companies that are facing delisting and not for companies uplisting. The 180 day cure rule does not mean the companies have to wait 180 days it means the problem that may cause delisting must be fixed in 180 days.
A company looking to uplist would amend their listing filing to cure any deficits in the requirements to uplist. Since Cytodyn will have to file for listing from scratch no amendment would be necessary.
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Third, as MM noted so many times during the conference calls - listing on nasdaq is at the sole discretion of nasdaq itself. You think the recent communications from the sec, fda, and the lawsuits won't have a bearing on that decision?
In the application for uplisting disclosure is required for regulatory agency filings, lawsuits or criminal actions in the last 10 years against a company not shareholders lawsuits. The FDA letter is not against the company itself. If you think the SEC admonishing the company for using the phrase "safe and effective" will stop uplisting you're a little off the beam. Any other SEC actions have been fixed long ago.
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My original point was that up listing isn't a realistic expectation - trying to imply up listing is likely at this point is misinformation itself.
Who said uplisting is likely at this point? $4 share price and revenue to cover a year's worth of expenses have to happen first. You're making a point against something no one has said. Sounds like an excuse to me.
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