Yes I know it doesn't sound right but the 15-12g filing allows smaller reporting companies to become alternative reporting. The reason being that SEC reporting is very expensive and time consuming and it is too much of a burden on smaller companies.
So they were SEC reporting but behind on their filings. The worst thing a company that is behind on SEC filings can do is put out big news. That gets the SEC looking at them and can get them suspended.
Now that they filed the 15-12g they do not have to worry about those consequences and can get up to date with their quarterly and annual filings for a fraction of the cost and time.
If the company wants to be able to announce a large settlement soon this filing was the only way they could do that without risk
News 
Market Data 
Discover 
