BIEL absolutely does qualify to file Form 12b-25. Under SEC Rule 12b-25 (17 CFR § 240.12b-25), any registrant required to file a Form 10-K may obtain an automatic 15-day extension simply by submitting Form 12b-25 on time and providing a valid reason. There is no rule that excludes OTC companies or small filers.
Regarding the NDA: an NDA never overrides federal securities law. If a material event has occurred, the company must disclose it. That’s exactly why BIEL stated it is waiting for legal counsel — to determine how to comply with disclosure requirements without breaching the NDA.
Market Data 
Markets 
