Interesting SEC actions taken for late Non-filers

Interesting SEC actions taken for late Non-filers

must be something not so easy to iron if that 10-K is not filed by midnight tonight (15 days later than the already 15 day late filing from original due date of April 1, 2024).

Then there's this year's Q1 10-Q due in less than 2 weeks too. Wonder if the ceo's new position as ceo with Solray (https://srnrg.com/) will be mentioned in the late 10-K still due? It looks liek that startup activity took place in Q4 of 2024 when you folks thought all of those solar team photos on twitter was for Sun Pacific Power. LOL

https://www.wilmerhale.com/en/insights/blogs/...sion%20box.

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This is the second time in recent years that the SEC has conducted an enforcement sweep based on violations of Rule 12b-25, and it serves as an important reminder of the need to comply with the substantive disclosure requirements when filing Forms 12b-25 (which are filed on EDGAR using the tag “NT 10-K” or “NT 10-Q”).

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In all five of the latest enforcement actions, the SEC found that the companies violated Rule 12b-25 by failing to disclose in their Forms 12b-25 that the inability to meet the filing deadlines was caused by the discovery and ongoing correction of errors in financial reporting in previously filed reports. The SEC noted that the companies “failed to disclose any of this information, much less provide the detailed narratives and quantitative explanation specifically called for by [Form 12b-25].” Notably, each of the five actions involved companies that announced restatements or corrections to previously filed financial statements within 3–21 days of their Form 12b-25 filings . As part of the settlements, the five companies consented to cease-and-desist orders and agreed to pay penalties ranging from $35,000 to $60,000, while neither admitting nor denying the SEC’s findings.

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When filing a Form 12b-25, companies must remember the form is not simply a notice of inability to file a report on a timely basis and/or a way to extend the due date, but rather a substantive disclosure document. Therefore, companies should take care to clearly and accurately disclose why they could not file their periodic report within the prescribed time period and whether there are any anticipated, significant changes in results of operations from the corresponding period for the last fiscal year.

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in my opinion

cheers