"Note: I have e-mailed the SEC recently and asked what transpires if a company does not meet the criteria from link above and yet does not report for whatever reason whether it is lack of monies to file etc; They almost always call within a few days with an answer or refer me to another department. Will definitely share what I find out in that regard."
Section 12(j) of the Exchange Act provides as follows:
The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer of such security has failed to comply with any provision of this title or the rules and regulations thereunder. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence.
Summary: Once a company has registered shares under Section 12 the obligation to report is quite clear. So the idea of a "company deciding not to report" has dire consequences. Suspended or revoked registration equals not trading...
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