Ann: Suspension from Official Quotation, page-81

The ASX does view non lodgement very seriously , as it should . The ASX imposed suspension at 9.50am on some 11 companies for failure to lodge , I have only heard of 2 of these companies.
GMV's situation is slightly different , albeit ending up in suspension.
They obviously contacted the ASX first and the ASX issued a PIT before issuing the company with a VS.
I am not sure if the ASX looks at the reasons that GMV could not met it's duty to lodge or just issued a VS as requested. Either way GMV would have ended up suspended but I imagine with the time frame between PIT and VS , the ASX took it's time to review why GMV would be late lodging and approved the VS , which looks better than an enforced ASX suspension , imo.
This is all speculation on my behalf but while we wait , that is all we can do.
Hope it is something like waiting for audited figures from US purchase in Nov 2018 or as one poster indicated something to do with CEO loan , but obviously something needs more time to be sorted.
One thing I don't think it is , is a material announcement that has dropped in the last few days , as they could easily have lodged the AR on time and then announced the other at a later date.
Concerning yes , as all uncertainty is , the market reaction will all depend what is released and the reason/s for the delay.