Here is another explanation of why a company would

Here is another explanation of why a company would file late (Form 12b-25).

"What is SEC Form 12b-25?
Also known as the Notification of Late Filing, SEC Form 12b-25 is filed with the Securities and Exchange Commission (SEC) by a company that determines it is unable to file a required periodic report when it is due without unreasonable effort or expense for SEC Form 10-K, 20-F, 11-K, N-SAR, N-CSR, 10-Q or 10-D. This filing is intended to circumvent penalties associated with the failure to file these types of required forms in a timely manner.

A company filing SEC Form 12b-25 must include information on why they are submitting a late filing as well as expectations for any significant events or changes that might set it apart from the prior year’s filing . Once Form 12b-25 is filed, a company is still considered EDGAR compliant as long as the document being filed late, is filed within five calendar days for a 10-Q or 10-D and 15 calendar days for all other form types, from the original due date. EDGAR is the SEC’s EDGAR (Electronic Data Gathering, Analysis, and Retrieval) computer system for the receipt, acceptance, review and dissemination of documents submitted in electronic format to the Commission."

https://www.toppanmerrill.com/glossary/twelve-b-25-sec-form/