I hate to burst your bubble. It comes down to incompetence. Both the company and its accountants and auditors blew this. There is no other explanation. Now they have to figure out how to go forward. Once they make amends with the sec. Either through revocation and reapply or an agreement with sec we will know what's happening. Revocation and form 10 will take as long as two years. I've found another company in the exact same situation and it was 1.5 years to relist using form 10.
Other theories? Sure. They bled retail investors dry and they are done. No need for a bunch of logic gymnastics. The simple fact is SPCL is a crap stock.
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