Only FINRA knows. There are very strict guidelines a RS would be declined, none of those happened here. Company has 10 days 2 send in Issuer Company-Related Action Notification Form. After that FINRA looks over everything and if they find something not 2 their liking, gives company 90 days 2 respond with proper info. If they don't, it is closed.
Of course if they find info that shows fraud or manipulation, itll be shut down immediately.