Misonix (MSON) Plan to Regain Compliance Accepted by Nasdaq
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Misonix, Inc. (Nasdaq: MSON) announced that The Nasdaq Stock Market LLC ("Nasdaq") has accepted the Company's plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) which would permit the continued listing of Misonix common stock on the Nasdaq Global Market.
As previously disclosed, on September 15, 2016, the Company received a deficiency letter from Nasdaq indicating that the Company, as a result of not filing its Annual Report on Form 10-K ("10-K") on September 13, 2016, was not in compliance with Listing Rule 5250(c)(1) of the Nasdaq Listing Rules (the "Listing Rules") for continued listing. In addition, on November 10, 2016, the Company received a second deficiency letter from Nasdaq indicating that the Company, as a result of not filing its Quarterly Report on Form 10-Q (the "10-Q") by November 9, 2016, together with its prior and ongoing failure to timely file its 10-K, was not in compliance with Listing Rule 5250(c)(1) for continued listing. In the letters, Nasdaq requested that Misonix submit a plan to regain compliance with the Listing Rules by November 14, 2016.
On November 14, 2016, Misonix submitted to Nasdaq a plan to regain compliance with the Listing Rules. After reviewing Misonix's plan to regain compliance, Nasdaq granted an exception to enable the Company to regain compliance with the Listing Rules. Under the terms of the exception, Misonix must file its 10-K and 10-Q on or before March 13, 2017. In the event that Misonix does not satisfy the terms set forth in the extension, Nasdaq will provide written notification that Misonix's common stock will be delisted. At that time, Misonix may appeal Nasdaq's determination for a panel review.
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