They can just file that they will be late. Nothing more has to happen.
A classic example is CYRS. They had 3 late filings in 2 years and were delisted from BB to pink. That happened Dec. 2009. Since then they just filed they would be late. Nothing more (a 10Q wasn't filed).
On the bright side, it's a big image boost to be involved in the race fuel/lubricant business. It steals away from the mom & pop business image and gives them a "Pro Shop" business image. I like to go to Pros when I need something technical to be handled.
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