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.