No. NEWC is still filing 8-K's, which means they remain a reporting issuer, and management is aware of their legal filing obligations.
To terminate their reporting obligations, they could file a Form 15, assuming they qualify. HOWEVER, the contracts they signed with their toxic death spiral lenders require the Company to remain a reporting issuer to the SEC.
If they did terminate, you can bet NEWC's toxic lenders would sue them almost immediately. That is what they do when a borrower breaks their contract by filing a Form 15. I am sure it would happen here, too. And it is a slam-dunk case for the lender, since it is a simple breach of contract case. NEWC has absolutely no defense against either the SEC or their toxic lenders.
They really are between the proverbial rock and a hard place, and are being ground into dust.
