Purposeful delay:
I can't see ANY reason that a company waits to inform their shareholders on the very last day knowing that a hearing or delisting notice is required anyway unless they are purposely buying time for 'something' to happen. In this case PER Nasdaq listing rules they will receive a delist letter and will have to request a hearing to review their status. This isn't something I'm making up, it clearly states this on the Nasdaq listing rules page. Also as I note below, R/S is a moot point until financials are in because those are also reasons they need to schedule a hearing.
A few reasons I can see for the delay,
1. Waiting through a Tendor offer period as CL suggested. He makes a good point here. If this is still in process and deadline for hearing appeal is looming. They still need to stay listed regardless going through this process.
2. Waiting for their audit to complete and to release financials. Their 10k and 10q are already late so these need to be released in order to stay compliant. Could be buying more time here. Maybe they were hoping this would happen in time? No argument can be made for an offering btw unless this has completed. This leaves no time to account for the Herc debt covenants by end of July with out 'something' happening to account for it per their 8k. Do they pay off Herc now, or Jan, (only 5 months from now) If you ask me - they pay off now, frees them to get a real loan, and/or are simply BO. They could also re-negotiate the Herc terms to pay it off earlier if it means Herc making more money (hint: they own shares).
3. Given their lack of financial resources on the team (someone could have been out sick etc) however this seems very unlikely given how much time they had.
All this said, they had to have known they were going to need to request a hearing before even sending this thing out. It seems like this was done to entertain Nasdaq while something else is finalized. They clearly are just maintaining proper alignment with Nasdaq, knowing a hearing needs to take place. An R/S with votes will provide them an argument during the hearing as long as the 10k/10q are released prior. The 8k give hints at stellar ERs to come, along with previous CC/Analysts hints pointing to this year. Should be a very interesting week next week.
Dates to keep track: Zimm ER July 27th. Herc ER Aug 3rd. Will have more answers by then. If there is a BO by then (only assuming if things were finalized), they want to disclose vs. letting it leak in there 10q. Herc ER will provide status of the loan.