Mar. 1 at 9:01 PM
$CHR | The company must preapprove another share consolidation/reverse split in advance because if they land on Nasdaq's radar and trigger noncompliance, they're unlikely to receive any grace after already recently completing a reverse split plus their aggregate RS ratio would be too high after the RS under consideration.
The new share consolidation being put up for a vote is a non-issue to me because the discrepancy between the share price and BVPS is already so massive, I just don't think there is any more room. Additionally, the company can buyback shares should it need to stop the price from closing below
$1 for enough days to trigger the minimum bid price rule.
In my opinion, the company is simply covering its bases. I also believe that if the buyout proposals are going to be reaffirmed, that it will be AFTER the new 20-F drops around March 10th, whereafter any bidders can calibrate their bids in accordance with the most up to date financials and metrics.
