LOL!! I can well imagine. And there ARE all kinds of incomprehensible SEC regulations. This one, however, is simple.
If you're a reporting company with registered stock, you're obliged to file financial reports. If you become significantly delinquent, the SEC may move to revoke your registration. Anyone who's ever been in a revoked stock knows what that means.
When the SEC suspends with the intention of revoking registration, the company had 10 days in which to respond, or it will be in default. SIOR did respond, had a conversation, and decided on a course of action. That course of action was explained in the 8-K.
As they themselves noted, the alternative to accepting revocation would be to request a 12-month suspension while they prepare those missing reports. I don't see why they didn't go for that.
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