My guess is the consolidation will be initiated in conjunction with a capital raise. A capital raise will be required to get a listing. NASDAQ for example requires $80M in assets and $55M in shareholders’ equity.

What are the listing requirements for the Nasdaq

If I were in charge I would try and hold off on the capital raise until after top line results are released. 

Therefore, I expect top line results, consolidation and capital raise all around the same time in the new year.