Correct. When a company trading on OTC Markets files a Form NT 10-Q (Notification of Late Filing) with the SEC, it signals they are unable to file their quarterly report (Form 10-Q) by the original deadline. Filing this form grants the company an automatic five calendar days extension to submit their 10-Q without being considered delinquent.
For a filing to be considered received by OTC Markets on a given day, it must be submitted no later than 5:30 PM ET (Eastern Time). This timing aligns with the processing cutoff for compliance and regulatory purposes.
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