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Legend Biotech Regains Compliance with NASDAQ Listing Rule 5250(c)(2)
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Rhea-AI Summary
Legend Biotech Corporation (NASDAQ: LEGN) announced on February 17, 2023 that it has regained compliance with Nasdaq Listing Rules 5250(c)(2). This follows a notice of noncompliance received on January 6, 2023, due to the company’s failure to file an interim balance sheet and income statement for the quarter ended June 30, 2022. After a planned restatement of audited financial statements, the necessary Form 6-K was filed on February 17, 2023, addressing the compliance issue. Legend Biotech focuses on developing advanced cell therapies to treat life-threatening diseases.
Positive
Regained compliance with Nasdaq Listing Rules 5250(c)(2).
Form 6-K filed on February 17, 2023, addressing previous noncompliance.
Negative
Received a notice of noncompliance from Nasdaq on January 6, 2023.
SOMERSET, N.J.--(BUSINESS WIRE)--
Legend Biotech Corporation (“Legend Biotech” or the “Company”) (NASDAQ: LEGN), a global biotechnology company developing, manufacturing and commercializing novel therapies to treat life-threatening diseases, announced that it received notice from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) on February 17, 2023 indicating that the Company has regained compliance with Nasdaq Listing Rules 5250(c)(2).
On January 6, 2023, the Company received a notice of noncompliance from Nasdaq for not filing an interim balance sheet and income statement for the quarter ended June 30, 2022 on Form 6-K with the Securities and Exchange Commission. Pursuant to Listing Rule 5250(c)(2), the Company was required to file such Form 6-K no later than six months following the end of the quarter ended June 30, 2022, or December 31, 2022. This delay in filing such Form 6-K resulted from the Company’s planned restatement of its audited financial statements as of and for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 and unaudited interim financial information for the three months ended March 31, 2022, as previously reported by the Company on its Form 6-K dated October 20, 2022.
On February 17, 2023, the Company filed the required Form 6-K to report its unaudited condensed consolidated statements of profit or loss and statements of financial position as of and for the quarter ended June 30, 2022, as required by Nasdaq Listing Rule 5250(c)(2).
About Legend Biotech
Legend Biotech is a global biotechnology company dedicated to treating, and one day curing, life-threatening diseases. Headquartered in Somerset, New Jersey, we are developing advanced cell therapies across a diverse array of technology platforms, including autologous and allogeneic chimeric antigen receptor T-cell and natural killer (NK) cell-based immunotherapy. From our three R&D sites around the world, we apply these innovative technologies to pursue the discovery of cutting-edge therapeutics for patients worldwide.
