To answer your question, they have to April to file an Appeal, telling NASDAQ what their plans are to be compliant and trade over $1 for 10 days. Not sure, if they will get 30-60-90-180 days after that to complete their plan, but appeals are normally granted. So RS could be coming as early as May. Then they could sell the company or combined it, refinance or restructure before that, then the RS wont matter. Still book value is .26, so buying now at .14 makes sense if it jumps back up on buyout rumors. Highly likely. A bounce that is.
A restructuring (I assume that's what you are referring to when you say r/s) won't work for this company. If interest payments on their outstanding debt was the problem, then a restructuring of the debt might make sense. This company is just burning cash in their operations. If they run out of cash the only option they have is Chapter 7, liquidation, and not Chapter 11, reorganization.
The purpose of the equity grants is retention of senior management. With every equity grant under water, it obviously has little retentive value and anyone on the management team with an ounce of sense (and is employable at another company) should be out looking for a job. I say this only because we may see a "re-write" of some of the management contracts to include a "stay bonus" or a longer severance period with the excuse given to shareholders that the board needed to do this to make sure that key management remained in place as their equity values were worthless. If this happens, then the board is working for the management and not the shareholders.