$VISL The nasdaq staff doesn't believe the public offering qualifies as a 5635(d) public offereing. 5635(d) has three requirements, they didn't meet one, the price. The price needed to be the closing price or the average price of February 12. They did the offering for .22$ when it needed to be either .20$ or .21$. The company is still going forward with the offering expected to close after hours.