Seems like the rule is vague enough that they may win (or won) the appeal:
"The Hearing Officer will consider only the issues of whether the issuer's security is then eligible for quotation in the Service and/or whether the issuer filed a complete report by the applicable due date taking into account any extensions pursuant to SEA Rule 12b-25. The Hearing Officer shall not have discretion to grant any extensions of time for ineligible securities to become eligible."
"then eligible" = at time of the hearing, no?
The 2nd part about due dates is preceeding by the conjunction "and/or" which means it's not a requirement, hence the word "or"
And the 3rd part is about extensions. JBII doesn't need an extension. They are caught up.
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