Question-and-Answer Session
Operator
(Operator instructions). And your first question comes from the line of Jason Napodano from Zacks Investment Research, please proceed.
Jason Napodano – Zacks Investment Research
Hi guys, thanks for taking my question. I just wanted to ask about the meeting that’s coming up next week and the potential for a reverse split. I understand your desire to regain NASDAQ listing but maybe you could talk a little bit about how you feel like that could increase your ability to get financing. It seems to me like if you take the shares down from the current level, $46 million and you do something like a 1:10 split you know now you’re down below 5 million shares and that would create a low float and almost an opportunity to or a harder opportunity to try to go out and raise capital with such a low amount of shares out there.
And you know to get the stock back above $1.00 it would seem to me like filing the NDA and getting a partnership and moving forward on the business front would be enough to get the stock heading in the right direction as opposed to the reverse split and you know now to, hopefully there’s no NASDAQ participants on the conference call but you know what really is the big deal about NASDAQ listing in the next couple months? If you guys meet all of your business goals with like I said, filing the NDA and securing a partnership, you’ll eventually hopefully move back above $1.00 without having to do a reverse split. So maybe you could talk to that a little bit.
Larry Gyenes
Yeah, Jason it’s Larry Gyenes, how are you today?
Jason Napodano – Zacks Investment Research
Good, thank you.
Larry Gyenes
Yeah, I think we’re taking the necessary precaution here to obtain shareholder approval to effect the reverse split which basically then puts it in the hands of our Board, okay who has a period of a year to act upon that. But I think it’s important right now that we take actions that leave us in a position where we can in fact avoid the delisting.
We should also make ourselves more attractive to a broader range of investors, some of whom, their requirements for investing do not permit them to invest in stocks that are at $1.00 or less. And as we also noted it will facilitate efforts if there is a need to, to raise additional capital through various means. Beyond that, I can’t comment on anything else beyond what’s in the proxy statement as you know.
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