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NioCorp Receives Notification from Nasdaq Related to Delayed Quarterly Report on Form 10-Q
CENTENNIAL, CO / ACCESSWIRE / May 24, 2023 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB)(TSX:NB) announced that it received a letter
About this update from Niocorp Developments Ltd.
[{"type":"text","content":"CENTENNIAL, CO / ACCESSWIRE / May 24, 2023 / NioCorp Developments Ltd. (\"NioCorp\" or the \"Company\") (NASDAQ:NB)(TSX:NB) announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (\"Nasdaq\") on May 24, 2023, indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 (the \"Form 10-Q\") within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).The Nasdaq notification letter has no immediate effect on the listing or trading of the Company's common shares on Nasdaq. While the notification letter provides the Company the opportunity to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) within 60 days from the date of the notification letter, the Company currently expects to be in compliance with the listing rule in that timeframe.The Company filed a Notification of Late Filing on Form 12b-25 with the U.S. Securities and Exchange Commission (the \"SEC\") on May 16, 2023, indicating that the filing of the Form 10-Q would be delayed due to the high level of complexities in integrating GX Acquisition Corp. II (\"GX\") and accounting for the recently consummated business combination transaction with GX. Due to the time required to complete this process, the Company was not able to file the Form 10-Q within the five-day extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended.In addition, further to the Company's news release on May 17, 2023, the Company expects to be subject to a management cease trade order (the \"MCTO\") for the delay in filing the Company's third quarter financial statements for the period ended March 31, 2023, the related management's discussion and analysis, and the CEO and CFO certifications relating to the third quarter financial statements (collectively, the \"Canadian Required Documents\") by the May 15, 2023 filing deadline, as extended by the Ontario Securities Commission to May 23, 2023. The MCTO will restrict all trading in securities of the Company by NioCorp's Chief Executive Officer, Chief Financial Officer and directors until such time as the Canadian Required Documents have been filed by the Company and the MCTO has be...