Yes, we'll have to wait and see. It won't be a quick process, if they go through with it.
Once filed, Forms 10 become automatically effective after 60 days. But they are reviewed by the SEC. If the SEC sees problems, they'll point them out to the company, and the company will be expected to amend the filing. Even in that short time, they may be asked to amend more than once.
If the SEC sees problems that will take longer to fix, it'll suggest that the company withdraw the Form 10 and refile when it's ready. Most companies realize that isn't really a suggestion.
If the Form 10 does become effective, the SEC may also require post-effective amendments. And at that point, NEWC will need to find a sponsoring MM to file a Form 211 with FINRA. That can be a problem.
Back in 2012, MIKP was suspended. It was not an SEC registrant at the time. A couple of years later, the CEO filed a Form 10. It did become effective. But FINRA gave the company a long, long runaround with the 211, asking for more and more documentation, some of which ended up being requested more than once. Finally the MM told the company it was obvious FINRA just wasn't going to approve it.
So the CEO gave up and filed a Form 15 to terminate registration. It still trades on the Grey Market.
