They can elect to file but do not have any obligation to shareholders to do anything. practically no regulation. hjoe won't file due to the dilution they will create for the value of the company and stock. This is the reason they postponed it. They had an auditor and I'm sure their fins are done and can easily be amended. There are many successful company's trading Grey.
it's only considered bad for start ups because of the corruption on the outside then inside.