Don't beleive this to be correct. many times before a deal is announced the acquirer will have support from major shareholder willing to commit their stock in favor of the deal and no filing is made.

Of course this is all silly since as a group we don't have 16mil even to buy at 4 cents let alone what is needed to buy it at 6 or 8 cents

so the rules shouldn't matter much now should they :)