For those of you who are short and never went to college, I will explain.
If you start a course and, for some reason (maybe you hate the professor or feel that you took on too much course load for that semester) you feel that things will not go well, you have a certain date at which you can withdraw from the course WITHOUT it leaving a mark on your record.
If ARNA felt that things were not going well, for whatever reason, they could either withdraw from consideration or see it through to a more final and more difficult to overcome decision.
Withdrawing now would not carry the stigma of having failed the course. ARNA would only get one grade, either an A or an F. They did a 'WP" (withdraw/passing) that allows them to sign up for the course again, with better preparation, and hopefully with a better result.
However, if the professor took you aside and said, "Look, there is no way you're going to pass this course." that would make your decision a little less thoughtful and a bit more desperate, wouldn't it?
I agree! Listen I know they had to pull out to prevent rejection but why? They could have been honest and told investors they weren't going to be able to provide the EMA with a timely reply to their concerns. Now we are supposed to commend them for their failure to be an efficient and smart management team who couldn't see this coming? COME ON!!!! THEY FAILED!!! I am a long and won't ever sell a single share until I see numbers (sales) but this is BS. They knew this back in January. They should have pulled the plug then.