© Reuters.
TUSTIN, Calif. – Avid Bioservices, Inc. (NASDAQ:), a biologics contract development and manufacturing organization, disclosed on Monday that it received a non-compliance notice from due to its delayed filing of the quarterly financial report. The company did not meet the Nasdaq Listing Rule 5250(c)(1) requirement to file its 10-Q report for the fiscal quarter ended January 31, 2024, on time.
The company had previously indicated in a March 12, 2024 SEC filing that it was unable to submit the 10-Q report within the prescribed period. The delay was attributed to the need to restate certain financial statements after classifying its 1.250% Exchangeable Senior Notes due 2026 as long-term liabilities following a default event.
Avid Bioservices has a 60-day window, until May 20, 2024, to present a plan to regain compliance with Nasdaq’s listing rules. If the plan is accepted, the company may receive an extension of up to 180 calendar days from the 10-Q’s original due date, or until September 16, 2024, to achieve compliance.
The company has expressed its intent to file the overdue 10-Q report as soon as practicable and to submit a compliance plan by the May deadline if necessary.
Investors are cautioned that these statements are forward-looking and involve risks and uncertainties, including the completion of the financial restatement and the outcome of Nasdaq’s response to the company’s compliance efforts.
This news is based on a press release statement from Avid Bioservices, Inc.
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