NorthWest Biotherapeutics Inc (NWBO)

[mattpk]

Anders, don't confuse SEC regulation with self-regulatory organization rules. They are different animals.

Every registered issuer is required to follow SEC regulations and to be compliant on the date the SEC specifies. An SRO can impose tougher regulations than the SEC, and if a security is to remain listed, the issuer must comply with any of regulations and time lines of the SRO as well as state incorporation laws in the jurisdiction where the company is formed. The OTC could require faster compliance although that does not seem likely to me.

I would worry less about NWBO being given a warning in January than I would about the company filing its 10-K on time. The OTC already has a rule that automatically delists companies that are late in filing quarterly and annual reports three times in a two year period (statements filed within the 5 or 15 day grace period under Rule 10(b)-25 are still considered to have been filed on-time). NWBO already has two strikes under that rule, and one more will lead to an immediate delisting. That seems like a more plausible risk given the company's compliance history.