This company CANNOT skip or get around 15c-211. It can certainly submit a Form 10 or S-1 and a MM may use that as evidence of its DD to supporting a 211, but it cannot get around FINRA or 15c-211.
FINRA stands between them and uplisting. Not the SEC. The SEC interest at this point is to determine if adminstrative charges are to be brought. If they decide there was criminal activity they refer to the DOJ.