Management's logic appears to be that a NASDAQ listing is required to access a market many times larger than the Canadian market. A certain amount of mandatory demand will immediately materialize due to etfs and mutual funds which track components of the NASDAQ. I think the logic is larger market=larger demand=greater SP (or support to absorb the low cost paper already issued) = larger market cap = larger buy-out price(or m&A leverage). At least that's how I see it.

Of course, you are right, that if they do not execute, after that initial pop (or stabilization), the price will reflect what the company is actually(perceived to be) doing.