When a stock is suspended, it automatically loses it Rule 15c2-11 compliance--and so its MMs--immediately. After four days with no MM making a market, the stocks are delisted to the Grey Market.
The risk is that an MM who agrees to file a new Form 211 is accepting liability should any of the information contained therein turn out to be inaccurate or downright false.
assuming that they bring their filings up to date, in order to get off the grey market the company has to find a sponsoring market maker to submit a form 211 under rule 15c2-11 to finra for approval. even if successful that process would take months at a minimum. in the last 3 years finra has not approved any 211's for companies that were suspended.
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