Supply: vincoventures.com
Again in August, Vinco Ventures (NASDAQ:BBIG) acquired a discover from the Nasdaq saying that the corporate was not in compliance with the change’s continued itemizing necessities. This was as a result of its delinquent Type 10-Q, or earnings report, for the quarter ended June 30. The deadline had been set to Aug. 15 and prolonged to Aug. 22 following Vinco’s submission of a Type 12b-25. Following the discover, Nasdaq gave the corporate 60 calendar days to submit a plan for regaining compliance. Vinco did so, pushing the deadline again to Feb. 13 because of this.
In November, nevertheless, Vinco acquired one other discover of noncompliance from Nasdaq — this time for its delinquent Type 10-Q for the quarter ended Sept. 30. The preliminary deadline to submit the shape was Nov. 14. Following receipt of the discover, Vinco submitted a plan of compliance to file its Type 10-Qs for the quarters ended June 30 and Sept. 30 by no later than Jan. 30. Vinco then requested extra time on Jan. 26, ensuing within the deadline being pushed again to Feb. 13.
Right this moment is Feb. 21 and there are nonetheless no earnings experiences in sight.
Is BBIG Inventory About to Get Delisted?
If that wasn’t unhealthy sufficient, there’s one other space during which Vinco is in noncompliance. On Jan. 4, Nasdaq notified Vinco that the corporate didn’t adjust to its continued itemizing necessities by failing to carry an annual assembly of shareholders final yr. The change offered Vinco with 45 days to submit a plan to regain compliance. If the plan is accepted, Vinco could have till June 29 to regain compliance. Vinco reportedly plans to carry the assembly no later than March 31.
As a result of Vinco Ventures did not submit an earnings report by Feb. 13, the Nasdaq concluded that it didn’t meet the phrases of the exception, or the prolonged deadline. Vinco says it would attraction this willpower to a Hearings Panel.
This morning, the digital media firm introduced that it will imminently file its Type 10-Q for the quarter ended June 30. The corporate can even file its Type 10-Q for the quarter ended Sept. 30 by March 8.
It’s not but identified how Nasdaq will react to those delayed filings. Vinco’s attraction to the Hearings Panel and the conclusion of the listening to will seemingly present a extra in-depth take a look at the state of affairs for BBIG inventory buyers.
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On the date of publication, Eddie Pan didn’t maintain (both immediately or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Pointers.
