Phoenix Water - PXW - Lithium - 100x, page-1856

Agree thats what split might be for and lot of time companies don't want to make any announcement depending on who they dealing with, without an binding agreement for example dealing or negotiating with an listed entity.

This things take a long time to come to closure specifically when we talking about $1B+ transaction

Also it might be easier to do performance options or issue some shares against fees to lawyers etc if stock price is lower with split rather then give one share at current valuation this is just a guess