ELVA, for real operating reasons, announced that there "may" be a delay in filing Q4 and A reports.

Be aware that Companies that fail to file a Form 10-Q or 10-K on time are required by SEC Rule 12b-25 to file a Form NT (for “Non-Timely,” also known as Form 12b-25) no later than one day after the due date.

Timely filing of Form NT results in an automatic one-time grace period of five days for 10-Qs and 15 days for 10-Ks.

Form NT also requires management to explain the reason for the late filing and declare whether it expects to subsequently file within the allowed grace period.
ELVA management has done both of the above clearly and concisely.

Companies that file Form NT on time and subsequently file within the allowed grace period are considered by the SEC to have complied with rules and avoid SEC-imposed penalties.

(Conversely, companies that fail to file within the allowed grace period are subject to a variety of costly penalties, including deregistration by the SEC, delisting by stock exchanges, the inability to raise capital through issuance of public securities, and potential debt covenant violations.)

With only one recently announced Institutional type and holdings sized investor and the stock so closely held, there is a lesser probability that investors will respond negatively to this potential NT filings announcement, especially since management has declared the filing will occur within the grace period.

Furthermore, because the SEC considers these filings to be timely, they impose no obvious costs on shareholders and hence may generate no market response, however, any headline level sellers are more likely to be absorbed by buyers who understand that in such a positive transitional year that this happens and because there is no insolvency issue as stated in the release, it should result in long term resumption of the trend prior to the event.