Alexion Pharma (ALXN) Receive NASDAQ Notification Letter on Late Filing
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Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN) today announced that it received a notification letter on November 15, 2016 from The NASDAQ Stock Market ("NASDAQ"). The notification letter stated that because the Company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (the "Form 10-Q"), the Company is no longer in compliance with NASDAQ Marketplace Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission (the "SEC"). The NASDAQ notification letter has no immediate effect on the listing of the Company's common stock on the NASDAQ Global Select Market.
Under the NASDAQ Listing Rules, the Company has until January 17, 2017 to either file the Form 10-Q or submit a plan to NASDAQ in order to regain compliance with NASDAQ's Listing Rules. If the Company is unable to file its Form 10-Q by January 17, 2017, then the Company intends to submit a compliance plan on or prior to that date. If NASDAQ accepts the Company's plan, NASDAQ can grant an exception of up to 180 calendar days from the filing's due date, or until May 8, 2017, to regain compliance. The Company may regain compliance at any time during this 180-day period upon filing with the SEC its Form 10-Q, as well as all subsequent required periodic financial reports that are due within that period. If NASDAQ does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a NASDAQ Hearings Panel.
The Company intends to take all necessary steps to achieve compliance with NASDAQ’s continued listing requirements.
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