That's how it works all the time. Yeah, nothing is official until filings, but if SEC sees honest willing and attempts they have the authority to cut some slack. Everyone recognizes that things work that way in all government systems. You may convince some newbies otherwise, go ahead and grab their shares if you can.
Yes an SEC suspension is certainly in the cards for SPCL. There are no excuses available from SPCL about why financials are overdue. This is especially true for the 2015 annual report and the first quarter 2016 report which had nothing to do with Pixelmags anyways.