Because the company has been in suspension for more than 5 days during the last 12 months it cannot issue “cleansing notices”. As a result it seems to be keeping this prospectus perpetually open as then any new shares issued are freely tradable. It’s a compliance matter. The issue of freely tradable shares would have been a requirement under the Bergen note, and as part of the initial note has not yet been converted (even though the facility has been terminated) the company may still be required to issue shares for the balance of the first tranche at any time.
I don’t like this approach as I think the company should not be maintaining an open prospectus for months on end (rather, if they can’t issue cleansing notices, they should do a bespoke cleansing prospectus each time they want to issue freely tradable shares), but this is an approach you see in the market from time to time.
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