What I don't understand is the penalty if they don't.
Sec can revoke securities registration meaning you do not trade anywhere until a new registration is filed. All extensions for late filings are filed with the SEC. The May 4th deadline for SIGM is a Nasdaq imposed deadline to become compliant with listing requirements, same as DELL, or review committee could decide to de-list them both. These May 4th dates are not issued by the SEC but the Exchange.
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