Remember, Generex/NGIO has been in contact with the SEC. The SEC likely advised them to file the IPO Form 10 before the S-1. Yep, it is a bummer, time wise but the "regulators" have the final say. It does give them a chance to make headway on the corona virus work and make NGIO more valuable leading up to trading. If the share structure is good, perhaps we will be in the "more than fantastic" PPS range.