"Last, they can ask permission to waive, exclude or ask the SEC to seal."

While they wait for such permission, they (PTSC's BOD) are [apparently] free to withhold the information that they seek to withhold. That permission is probably very low on the SEC's list of priorities.

This is why the SEC needs more resources and more timely reactions. Without the resources and thus the teeth to bite down on possible transgressions the SEC, pardon me, can only suck.