SUFFICIENTLY positive news will get us to a listing price by itself....... 

Even if that were so, I still have concerns about the O/S as there is insufficient flexibility to use paper for M & A activity, which leaves 3 options:

Continue buying back shares(Least favored as it reduces the cash pile and as the share price increases it becomes less cost-effective)

Increase the Authorised to 1,000,000,000(Better, but that impacts the e.p.s. I'd sooner have 80 million with a $5 e.p.s over 800 million and 50 cents e.p.s.)

Reverse Split(My favored as it both reduces the O/S while at the same time keeping all the cash).

Obviously, I'm not suggesting that this be done today or tomorrow, rather await the results of the stay and 2 or 3 additional licensees. Does it really matter how many shares one holds as long as there is an appreciation in value and the ability to use paper in any merger or acquisition? Think of the message that would be sent to the market if a target accepted an all paper deal.

Be well