SPNG isn't in gray due to not filing. Otherwise you would have hundreds of stocks in the Gray. They are in the Gray because of the investigation. SPNG has already qualified for the Pinks based on their not filing. They are in limbo due to the investigation.
according to darklady's post, she said finra was holding up the 15c-211 process...are you saying finra cant do that?...if so, you are wrong...and there are many ways they can do that...they dont have to wait until one is filed to delay or stop it...many things happen behind the scenes that you cant see or know about...
i dont know if darklady is correct but you seem to be assuming that everything must occur in a normal progression...once again, WRONG!..LOL