I believe you are both right and wrong.....
Once a Company files a Form 15 to suspend or terminate their reporting requirements, they may, on a voluntary basis, continue to file reports with the SEC. The key word there is "continue". RFMK stopped filing with the SEC in 2001, and filed a Form 15 in 2007. They did not "continue" to file and therefore are not allowed to file a Form 10-K now without first filing a new registration statement. Even on a voluntary basis.
Here is a document that spells that out. It is from the AICPA CAQ and SEC meetings in 2010 and spells out the SEC position quite clearly.
http://www.thecaq.org/resources/secregs/pdfs/...lights.pdf
See page 10
" The SEC staff’s longstanding view has been that when an entity has no registered securities but voluntary files financial statements with the SEC, its filings must comply with all the SEC’s requirements. In other words, a voluntary filer cannot pick and choose which regulations to comply with in its filings."
If they want to file voluntarily, they must meet the SEC due dates and filing requirements and file everything on time, just as if they were registered. They cannot suddenly resume filing a 10-K after not filing anything for 10 years - the SEC would consider that to be fraudulent, as it does not meet the guidelines for "voluntary" filers.
BTW, I don't currently know of any penny stock "voluntary filers". They are almost always very large, most private companies or financial services companies, that have public debt outstanding and are required by covenant to issue quarterly and annual financial statement and disclosure information. Once that debt is gone, they stop filing.
