Osiris Therapeutics (OSIR) Continues to Work to Complete Previously Accounting Reviews
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Osiris Therapeutics, Inc. (NASDAQ: OSIR) (the “Company”) today provided an update regarding the status of its compliance with the Listing Rules of the NASDAQ Stock Market (“NASDAQ”).
As previously disclosed, on each of March 17, 2016 and May 12, 2016 the Company received a notification from NASDAQ indicating that, as a result of the Company not timely filing with the Securities and Exchange Commission (“SEC”) its Annual Report on Form 10-K for the year ended December 31, 2015 (“2015 Form 10-K”) and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 (“Q1 2016 Form 10-Q”), respectively, the Company failed to comply with the periodic filing requirements in NASDAQ Listing Rule 5250(c)(1) (the “NASDAQ Listing Rule”). On August 12, 2016, the Company received an anticipated letter from NASDAQ noting that the Company had not timely filed with the SEC its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 (“Q2 2016 Form 10-Q”), which represented an additional basis for non-compliance with the NASDAQ Listing Rule. The Company previously submitted to the NASDAQ listing qualifications staff a plan to regain compliance with NASDAQ’s continued listing requirements and, on May 24, 2016, NASDAQ granted an exemption to the NASDAQ Listing Rule, extending the deadline until September 12, 2016 for the Company to file all delinquent reports with the SEC, including the Company’s 2015 Form 10-K, Q1 2016 Form 10-Q and Q2 2016 Form 10-Q.
The Company is continuing to work diligently to complete its previously announced accounting reviews, restatements of prior period financial statements, transition to a new independent registered public accounting firm and 2015 audit so that it is in a position to bring its SEC filings up to date. However, there can be no assurance regarding the timing or ultimate outcome of this process or the ability of the Company to successfully maintain its NASDAQ listing.
The Company is making this announcement in compliance with NASDAQ Listing Rule 5810(b), which requires prompt disclosure of receipt of a noncompliance letter.
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