Ann: Submission made to be reclassified as an Investment Company, page-2

What do holders think of this (or does anyone talk to management?)? I've not gone thru this before with any stock so wondering if anyone has had experience?

"....... The ASX has informed K2 that it needs to demonstrate an adequate level of operations pursuant to ASX
listing rule 12.1, otherwise the Company's securities will be suspended. It is for this reason that K2 made
a submission to ASX to be reclassified as an Investment Company. Further ASX has advised K2 that
whilst it is yet to formally consider K2’s submission to be reclassified, which would enable to Company to
continue trading on the ASX, there is a risk that trading in KTE’s securities could be suspended
from Official Quotation by ASX on 7th May 2021........."

This is a nerving time for shareholders should the ASX not grant the reclassification, but I don't know why they wouldn't hence the question to those more experienced.

ASX listing rule12.1 The level of an entity's operations must, in ASX's opinion, be sufficient to warrant the continued +quotation of the entity's +securities and its continued listing. ... The entity must give holders of +ordinary securities in writing details of the investment or use.

Given the ruling - 12.1 - We already know their value is in ATOM, well that's why I invested. I would have thought the ASX would have to think about the holders before any kind of negative ruling.

Thanks