Amyris Inc (NASDAQ:AMRS) Receives Notice From Nasdaq For Not Keeping Time

Amyris Inc (NASDAQ:AMRS) Receives Notice From Nasdaq For Not Keeping Time

Amyris Inc
(NASDAQ:AMRS)

may have seen the standard notice from the Nasdaq coming! However, it seems
like the business guru wasn’t prepared for it since it was shaken a great deal.

Amyris skips deadline

The body, in its report, outlined that
the business was no longer in compliance with its Listing
Rule 5250(c)(1). The rule provides that all the listed companies make a timely
filing of their periodic financial reports. The business skipped the deadline
for filing its report with the Securities and Exchange Commission.

Amyris
says the focus on the development of top-notch ingredients for the Health &
Wellness market has been challenging. The business says these challenges might
have played a part. The rest of the companies had filed their annual reports on
Form 10-K in good time. This was of course for the year ended December 31,
2018. The company didn’t also comply in line with the quarter ended March 31,
2019. It should also have filed a timely quarterly report on the Form 10-Q.

Nasdaq and its governing rules

The
Securities and Exchange Commission just like the rest of the organizations
around the globe, is governed by some rules. The body has over the years been
advocating for companies to do things the right way to avoid being penalized or
other serious consequences.

The
NASDAQ notice is a red flag for the company. However, as per this particular
moment, it doesn’t yet pose any immediate effect on it and its business
operations. The listing or trading of the company’s stock goes on as usual.
That is of course on the listing or trading of the Global Select Market of NASDAQ.

In
light of the rules governing the listing segment on NASDAQ, Amyris should have
submitted its plan in time. To be able to regain compliance was supposed to
have acted by June 3, 2019. Lucky enough for the business giant, it had already
written down its plan, and the body had also accepted it.

Amyris
says it will focus on its goal to achieve compliance. If all moves as per the
plan, by September 30, 2019, it will have accomplished everything. It was just
the other day that the company held talks with several auditors whom it wanted
to assist it in the filing of the compliance.

Published at Wed, 28 Aug 2019 12:06:21 +0000

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