True... Gary Rabin's POS is in fact a POS. Shorts would have been all over it.
The bad part is that they will still be doing a split down the road in the near future and they'll likely need a greater ratio. Investors know this, and I bet there are many shaking their heads at the company remaining OTC and being just another penny flipper with billions of shares out as hope for an uplisting fades. It's a loss either way. That's why POS needs to be a real POS for an uplisting and I don't see the company having a real POS until end of phase II if even then.
Sentiment: Strong Sell
This shouldn't be a surprise to anyone. By "market factors", I'm sure he's referring to the current stock price. The most they were approved for is a 1:80 split. If they used that ratio, they still can't get to $5/share, which is the minimum price they have to get to for NASDAQ. Therefore, by definition they can't pursue the reverse split. I've been thinking about this the past several days as the stock has continued to sink.
Anyone who has read my posts knows that I am very pro-ACTC. The inability to uplist via a reverse split is VERY bad news for us, IMHO.
It's definitely a hint to investors. If 1/80 won't cut it for an uplisting, then there's no reason to invest here. Today's spike in PPS should be short lived on this bad news that some investors think is actually good. You guys need that uplisting, and the only way now is if they go back do another vote, but with a greater split figure.
Sentiment: Strong Sell
“We believe that now is not the appropriate time to conduct a reverse split of our stock,” said Gary Rabin, ACT’s chairman and CEO. “When we sought shareholder approval to complete such a move, we said that we would only pursue it if the market conditions were right, and a stock split would allow us to list on a National Exchange. While listing on such an Exchange remains a high priority, we believe the focus by our shareholders on a reverse split has contributed to a sharp decline in the price of our stock, despite the significant progress we have made in our clinical programs. We hope that by removing the reverse split from consideration at this time that investors will again focus on the potential of our technology and the promising results we have had in the clinic to date.”