I spoke again to IR of Kiwa Biotechs on the weekend to get the latest status of the financials. They explained to me as well, why their own “mid of September” schedule was not kept. There had been some ongoing discussions with the Global Holding Group after mid of August about some essential terms in their cooperation. But this has been settled now. Anyway, the cooperation with Global Holding Group is very much relevant for the restructuring of Kiwa Biotech. That is the reason why they could go on with the financials only by mid of September. They are now in the auditing process and have also applied for some minor extension with SEC respectively OTC via their lawyer. But they have no approval so far for that. According to their own schedule the financials will be ready early October. However, they have also started to submit relevant documents to the OTC simultaneously.Furthermore, they have worked out a concept with their lawyer to avoid the risk of delisting. There will be news respectively 8K this week about this whole issue.
When listening to his words and explanations, it sounds to me, they are very much sure, they will avoid the delisting. But this is my personal opinion. Anyway, we have to await the news / 8k this week. But I am very much sure, they will do whatever can be done to avoid the delisting. And I think the restructuring with Global Holding should be a good reason to SEC to give an extension, as this influences the whole fillings. I have analyzed some delayed fillings from other companies in the past and especially a new structure in the organization (merger, acquisition etc.) was always accepted as a reason for delay. But I do not know of course how this is seen by SEC/OTC under these specific circumstances of delisting.
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