I believe that was one of the decisions to do a reverse split to avoid reporting - will AMNF do a reverse split again, or do we think it will start reporting - or doesn't it matter if they are over a $1? I am not an expert in this field.
I believe that some are under a misconception. I am quite certain that regardless of price, any listed company can go on the pink sheets and greatly minimize reporting requirements. What a company can't do is permanently stay on an exchange and trade below $1. Amnf decided to save the reporting requirements -- and the substantial cost -- and therefore went on the pink sheets. Once it did so, it was free to set up the capital structure any way it saw fit in terms of the stock price. It chose to split the stock so that after the process was completed ( reverse split and split) the stock traded well below $1. Why it did that is less than clear and the efficacy of that choice is subject to argument (many investors are wary of and some are unable to trade stock trading below $1, while others like to speculate in such stock so who knows what the net effect was). But the important point is that now that Amnf is above $1 -- hopefully for the long term -- I am quite certain that it will not be subject to any reporting requirements that it was not subject to when it was at .80 or .90, so long as it remains on the pink sheets and the law doesn't change.
They did the split to limit its amount of shareholders to those over a certain amount of shares. Those holding (1) fraction shares after the reverse split would get paid off. Bill Armanino and I had talked about it at a meeting when it happened. At that time AMNF sent out annual reports that where costly to send out as well as prepare. This cut out a lot of mailings and saved lots of bucks. This forward and reverse took place in one day.