The idea of getting the SP over a dollar was to attract larger institutions for investment purposes, not as a buyout. These larger institutions will have charters or constitutions that outline the limitations on what companies they invest in, and I would guess that many of them are going to avoid 'penny' stocks. This is what the BOD was trying to work around.

However, SPQ has had no problem in the past with raising funds through PP. The only issue that I can see with the current PP system would be a smaller pool of players who are willing to invest in SPQ.

The BOD concern with further dilution of the stock with stock issues for PP didn't make sense. If they want to raise $5 million, it will be 10% dilution (at current market cap of $50mil) whether it is at 8.5 cents a share, or at 85 cents a share.

As for a buyout, a major isn't going to care how many shares there are.

SPQ and all other ROF plays are heading into the summer season, when the momentum on the stock falls off. Unless there is a major discovery or a buyout offer, we will be at 5 cents by August. But that beats the 2 cents we would have seen if the RS had passed, imo.