Laser Photonics Received NASDAQ Compliance Letters Related to Late Filing of the June 30, 2024 10-Q

Rhea-AI Summary

Laser Photonics (NASDAQ:LASE), a CleanTech Laser Systems developer, has received a notice from Nasdaq on August 20, 2024, regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Q2 2024 10-Q. The company has 60 calendar days to submit a compliance plan to Nasdaq. If accepted, Nasdaq may grant an exception of up to 180 calendar days from the original due date, until February 17, 2025, for LASE to regain compliance. This extension applies to any subsequent periodic filings due within the exception period.

Positive

• None.

Negative

• Failure to file Q2 2024 10-Q on time
• Risk of potential delisting from Nasdaq
• Compliance issues with Nasdaq Listing Rules

Insights

Financial Compliance Expert

The NASDAQ compliance issue for Laser Photonics (LPC) raises significant red flags for investors. Late filings often indicate internal control weaknesses or potential financial irregularities. The company now faces a tight timeline to submit a compliance plan within 60 days, with a possible extension up to 180 days. This situation could lead to increased scrutiny from regulators and auditors, potentially resulting in higher compliance costs. Moreover, failure to meet NASDAQ requirements might result in delisting, which would severely impact stock liquidity and investor confidence. Investors should closely monitor LPC's progress in addressing these issues and consider the heightened risk profile associated with the stock until compliance is regained.

Corporate Governance Analyst

This compliance issue highlights potential governance concerns at Laser Photonics Late filings often stem from inadequate financial reporting processes or insufficient internal controls. The board and management's ability to ensure timely reporting is important for maintaining investor trust. This situation may prompt shareholder activism or calls for leadership changes. The company needs to demonstrate a robust plan to address the underlying causes of the delay and improve its financial reporting infrastructure. Investors should watch for any subsequent disclosures about the reasons for the delay and the steps being taken to prevent future occurrences. This event could be a catalyst for positive changes in governance practices, but it also poses risks of further compliance issues if not adequately addressed.

ORLANDO, FL / ACCESSWIRE / August 27, 2024 / Laser Photonics Corporation (LPC) (NASDAQ:LASE), a leading global industrial developer of CleanTech Laser Systems for laser cleaning and other applications, today announced that on August 20, 2024, it received a notice from Nasdaq Listing Qualifications department of The Nasdaq Stock Market LLC ("Nasdaq") stating that since the Company has not yet filed its Form 10-Q for the quarter ended June 30, 2024 (the "Filing"), and it no longer complies with Nasdaq's Listing Rules (the "Rules"), specifically Listing Rule 5250(c)(1), for continued listing. Under the Rules, the Company has 60 calendar days to submit a plan to regain compliance, and if Nasdaq accepts the Company's plan, Nasdaq can grant an exception of up to 180 calendar days from the Filing's due date, or until February 17, 2025, to regain compliance. Please note that any subsequent periodic filing that is due within the 180-day exception period must be filed no later than the end of the period.

About Laser Photonics Corporation

Laser Photonics Corporation is a vertically integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. At LPC, we are disrupting the centuries-old $46 billion sand and abrasives blasting markets, focused on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. Our new-generation laser blasting technologies and equipment address the health, safety, environmental and regulatory concerns associated with outdated methods, proving Laser Photonics Corp. an industry leader for industrial laser systems. Renowned manufacturers in aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding sectors rely on our "unique-to-industry" systems. For more information, visit www.laserphotonics.com.

Cautionary Note Concerning Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws. These statements are based on current expectations as of the date of this press release and involve risks and uncertainties that may cause results and uses of proceeds to differ materially from those indicated by these forward-looking statements. We encourage readers to review the "Risk Factors" in our Registration Statement for a comprehensive understanding. Laser Photonics Corp. undertakes no obligation to revise or update any forward-looking statements, except as required by applicable laws or regulations, to reflect events or circumstances after the date of this press release.

Investor Relations Contact:

Email: laser@haydenir.com

SOURCE: Laser Photonics Corp.

View the original press release on accesswire.com

FAQ

Why did Laser Photonics (LASE) receive a notice from Nasdaq on August 20, 2024?

Laser Photonics (LASE) received a notice from Nasdaq on August 20, 2024, due to non-compliance with Listing Rule 5250(c)(1) for failing to file its Q2 2024 10-Q on time.

What deadline does LASE have to submit a compliance plan to Nasdaq?

LASE has 60 calendar days from August 20, 2024, to submit a plan to regain compliance with Nasdaq's Listing Rules.

Until what date can Nasdaq potentially grant LASE an exception to regain compliance?

If Nasdaq accepts LASE's compliance plan, it can grant an exception until February 17, 2025, for the company to regain compliance.

What is the main issue causing Laser Photonics (LASE) to be non-compliant with Nasdaq rules?

The main issue causing LASE's non-compliance is the late filing of its Form 10-Q for the quarter ended June 30, 2024.