RE:Spectral mgnt may requst an extension for a U.S. listing MAB- you should refer to MM's program B in this context. Maybe the goal to never list in the US and simply drag it along for further disappointment. A bit like the share buyback program of some years ago.
listing in the US a means 10 X as many eyes on the company and then it's hard to maintain this low and steady valuation. Investors may start trying to buy shares and God forbid ask the company questions. The SP could easily sky rocket with control being lost by those running Program B. Americans tend to flock to poorly valued companies carrying around the baggage of FDA approvals and late stage clinical trials.
if you are waiting on a US a listing prepare to be disappointed. That is if you believe the plan is Program B. Maybe it's not and the valuation over the past 20 years has simply and plausibly suffered terrible consequences for all of their regulatory successes. Good news = crushing losses in valuation.