Has the outstanding shares increased? Yahoo showing outstanding shares #$%$1M. If they do r/s even with with 5:1 it will be 1M. I don't think that will happen unless the shares issued to Hanover dilutes the outstanding shares.
Yahoo numbers wrong. Last declaration I know of o/s shares on 5/29/13 according to SEC filing 424b3 7/11/13 were just over 8 mill shares o/s. And yes Hanover shares and others are dilutive as thet were added between the settlement date and 5/29/13 and beyond. I lost track of shares as they add up so fast, but I estimate between 15 to 20 mill now. Plenty of shares for o/s.
It woud take one heck of a pump and dump to do it and stay over $1 for ten consecutive trading days. But they do have until early Dec. and this manipulated penney stock might pull it off. But I highly doubt it. They will probably have a vote to R/S before mid Oct.