Why Zalicus could announce on October 7th and avoid the reverse split.
I just want to be clear that the Captain has complete freedom to announce Phase 2 results on October 7th and safely avoid a reverse split.
He has liberty to do this because closing above $1 is all that matters for ten consecutive days before October 21 (Compliance Date). There are no NASDAQ Holidays during this period.
THE OFFICIAL RULE
If at any time before October 21, 2013, the bid price of Zalicus common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will notify the Company that it has regained compliance with the minimum bid price rule.
1. October 7, 2013 close above $1
2. October 8, 2013 close above $1
3. October 9, 2013 close above $1
4. October 10, 2013 close above $1
5. October 11, 2013 close above $1
6. October 14, 2013 close above $1
7. October 15, 2013 close above $1
8. October 16, 2013 close above $1
9. October 17, 2013 close above $1
10. October 18, 2013 close above $1
**********October 21, 2013 (the "Compliance Date")**********
So your saying the P2 results, if good, will push Z past a buck the first day? I'm hoping no RS but I don't see it being a last day deal. If they reslve themselves to an RS I hope they do it before 10-7-13.
You have pulled this stunt many times in the past. Hopefully most folks are hip to your malarkey by now and the foolish rush to the door doesn't happen again.
Jim Long and calm