Therapeutic ultrasound developer Misonix has received a deficiency letter from the Nasdaq stock market due to delays in filing its quarterly and annual reports.
Nasdaq informed Misonix that it was not in compliance with Nasdaq listing rules because it did not file its quarterly report on Form 10-Q by November 9 or within the five-day extension period. In addition, Nasdaq pointed to the company's prior and ongoing failure to file its annual report on Form 10-K on a timely basis.
Misonix said it submitted a plan on November 14 detailing how it would regain compliance. If Nasdaq accepts the plan, it can grant an exception until March 13, 2017, to regain compliance. Misonix said that if Nasdaq does not accept the plan, it will have the opportunity to appeal the decision to a Nasdaq hearings panel.
