WOODCLIFF LAKE, N.J. – Eagle Prescription drugs, Inc. (NASDAQ:) is confronting potential delisting from the Nasdaq Inventory Market after failing to submit required monetary reviews on time.
The pharmaceutical firm disclosed on Monday that it acquired a discover from Nasdaq’s Itemizing {Qualifications} Division on Could 20, 2024, indicating the initiation of delisting procedures as a result of firm’s non-compliance with submitting necessities.
The problem stems from Eagle Prescription drugs’ delay in submitting its Type 10-Q for the quarter ending September 30, 2023, and its Type 10-Okay for the 12 months ending December 31, 2023.
The corporate additionally missed the next deadline for its Type 10-Q for the quarter ending March 31, 2024. In response to Nasdaq guidelines, the corporate had till Could 13, 2024, to file the overdue reviews and regain compliance.
Eagle Prescription drugs plans to request a listening to earlier than a Nasdaq Hearings Panel to attraction the delisting course of. This request will routinely keep the suspension of buying and selling of the corporate’s widespread inventory for 15 calendar days from the date of the request, or doubtlessly 22 calendar days if the request is filed on the final eligible day, Could 28, 2024. The corporate goals to increase this keep by the conclusion of the hearings course of.
The Nasdaq Hearings Panel could grant an extension of as much as 360 days from the preliminary due date of the Q3 2023 Type 10-Q for the corporate to regain compliance.
Nonetheless, there isn’t a assure that the listening to might be profitable, that an prolonged keep or further extension might be granted, or that Eagle Prescription drugs will be capable to preserve its Nasdaq itemizing.
This growth follows a collection of notifications from Nasdaq relating to the corporate’s submitting delays, beginning with a delinquency notification on November 27, 2023. Eagle Prescription drugs’ capacity to treatment these points and preserve compliance with Nasdaq’s continued itemizing necessities stays unsure.
Eagle Prescription drugs, identified for its built-in pharmaceutical capabilities, focuses on creating modern medicines that handle underserved therapeutic areas. Its portfolio contains a number of commercialized merchandise and a pipeline of oncology and CNS/metabolic essential care product candidates.
This report is predicated on a press launch assertion and doesn’t embrace any speculative details about Eagle Prescription drugs’ future prospects or potential industry-wide implications.
InvestingPro Insights
Eagle Prescription drugs, Inc. (NASDAQ:EGRX) is at the moment navigating difficult monetary waters, as mirrored in its latest market efficiency and analyst projections. InvestingPro information reveals a market capitalization of $56.75 million, indicating a comparatively small dimension inside the pharmaceutical {industry}. Regardless of the corporate’s struggles with Nasdaq itemizing compliance, the inventory is buying and selling at a low income valuation a number of, which might sign an undervalued alternative for buyers. Within the final twelve months as of Q2 2023, Eagle Prescription drugs reported a income of $257.55 million, with a notable gross revenue margin of 69.84%. Nonetheless, income development has been damaging, with a -5.38% change during the last twelve months and a extra pronounced quarterly drop of -12.8% in Q2 2023.
InvestingPro Suggestions spotlight that administration has been actively shopping for again shares, which could be a signal of confidence within the firm’s future prospects. Moreover, whereas Eagle Prescription drugs has been grappling with a big debt burden and a fast money burn, it is noteworthy that its liquid belongings surpass short-term obligations, offering some monetary cushion.
For buyers in search of extra detailed evaluation and extra insights, there are at the moment 11 InvestingPro Suggestions accessible for Eagle Prescription drugs. These embrace expectations round profitability for the 12 months and the inventory’s vital worth drop during the last 12 months. To entry these insights and improve your funding technique, take into account subscribing to InvestingPro utilizing the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Professional and Professional+ subscription.
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