The reason for a reverse split is to get on the Nasdaq. Let's keep the shares we have and let the stock advance to requirement levels on its own merits. If Wilhelmina is a good company this shouldn't be a problem. Investors have a way of sniffing out strong, growing new public companies.
I get your point, but there are some real good reasons for getting a higher share price sooner rather than later.
1. They want to look like a "real company" and being listed on NASDQ will help when approaching competitors. They would like to buy some competitors and rather than using lots of cash, or adding tons of debt, they can use the common stock as a form of currency to buy the other companies. Even in this deal NCEH is using its shares to pay out about 48% of the payment for Wilhelmina. Take a look at Blockbuster or Auto Nation to get an idea of what they would like to do.
2.Many potential stockholders.... like mutual funds, pension funds etc. etc. have rules against owning stocks that are not listed on an exchange, and that are below a certain price. Some even have rules against owning stocks that do not pay dividends. So, by raising the stock price and by being listed, the company has a chance of gaining a wider audience.
3. If one is listed on NASDAQ and is above a certain price, the stock might become marginable. Again, this permits a wider audience.
If the plan was just to buy Wilhelmina and to stop there and let the company make profits and just stay like they are, then staying on the BB with a super low price might be just fine.
Did you vote your shares? Can I ask how many shares you have? I've owned since Princeton e-com days:-)