cars3, you are almost right. It is not guesswork at all.
The SEC is only allowed to suspend stocks for 10 days, that is the law. Do not take that 10-days however as some sort of indication all is done after 10-days.
Once suspended a new 15c-211 would have to be filed for trading anywhere but the greys and that process alone exceeds 10-days. despite what dragon has to say, no MM would file these forms with suspicion from the SEC out there about their financials and I GUARANTEE that FINRA would never consider approval until the SEC nods their approval.
the merger does not change anything. GLER is the publicly traded company under suspicion and until GLER works their way out of it nothing happens with HAWK. GLER is no longer a clean shell as they have legal issues. If HAWK were real they would abandon this deal and start with a better, cleaner, shell. If they are truly independent that would be what smart businessmen would do. If they are part of the con, they have nothing to sell elsewhere.