SEC Issues Exemptive Order Providing Additional Time for Certain Registrants to File Quarterly Reports in Light of BF Borgers Permanent Suspension

The Securities and Exchange Commission today provided exemptive relief to certain registrants affected by the permanent suspension of BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “BF Borgers”), from appearing and practicing before the Commission as an accountant. It is expected that registrants that previously retained BF Borgers will need to engage a new, qualified, independent, PCAOB-registered public accountant to audit or review the financial information included in their Commission filings.

The Commission’s order provides an additional period of time for the filing of quarterly and transition reports on Form 10-Q for issuers that have filed a timely Form 12b-25 notifying the Commission of their inability to file a report on a timely basis. The order will provide affected registrants with an additional period of time to hire a new, qualified, independent, PCAOB-registered public accountant and file with the Commission financial information that complies with the requirements of the federal securities laws.