Business
Laser Photonics Provides Update on NASDAQ Notice of Delisting for Failure to Satisfy a Continued Listing Rule or Standard
ORLANDO, FL / ACCESS Newswire / June 16, 2025 /Laser Photonics Corporation ("LPC" or "the Company") (NASDAQ:LASE), a leading global industrial developer of CleanTech Laser Systems for laser cleaning and other applications, today announced that it ...
About this update from Laser Photonics Corporation
[{"type":"text","content":"ORLANDO, FL / ACCESS Newswire / June 16, 2025 / Laser Photonics Corporation ("LPC" or "the Company") (NASDAQ:LASE), a leading global industrial developer of CleanTech Laser Systems for laser cleaning and other applications, today announced that it has received an extension until the close of business on June 20, 2025, to submit its 10-K for the period ended December 31, 2024, and its 10-Q for the period ended March 31, 2025, or provide NASDAQ with a plan to regain compliance. The Company continues to work closely with its auditors to resolve the outstanding issues and file these reports as expeditiously as possible.","length":643,"tagName":"p"},{"type":"text","content":"On May 22, 2025, it received a notice from Nasdaq Listing Qualifications department of the Nasdaq Stock Market LLC ("Nasdaq") stating that since it had not received the Company's Form 10-Q for the period ended March 31, 2025 ("1Q25"), and because the Company remains delinquent in filing its Form 10-K for the period ended December 31, 2024 (the "Initial Delinquent Filing"), the Company does not comply with Nasdaq's Listing Rules for continued listing. Nasdaq stated that in accordance with its letter dated April 16, 2025, the Company has until June 16, 2025, to submit a plan to regain compliance with respect to these delinquent reports. Nasdaq can grant an exception to allow the Company to regain compliance up to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or October 13, 2025.","length":862,"tagName":"p"},{"type":"text","content":"The delays in filing the 10-K for 2024 have caused delays to filing the 10-Q for 1Q25 and are primarily due to LPC's acquisition of certain assets of CMS in November 2024 (the "November Transaction"), approximately six weeks before the end of LPC's fiscal year, for approximately $1 million out of the bankruptcy proceedings of CMS's former parent company. LPC is actively working with its independent auditor to address outstanding matters and complete the filing of its Form 10-K as quickly as possible. Concurrently, the Company is preparing to file its 10-Q for 1Q25. The key areas under review for the audit are:","length":639,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The audit of CMS's his...