OneMedNet Announces Receipt of Nasdaq Notices Regarding Delayed Forms 10-Q
OneMedNet (Nasdaq: ONMD) has received two notices from Nasdaq regarding delayed Form 10-Q filings. The first notice indicates non-compliance with Nasdaq's listing requirements due to the company's failure to file its Form 10-Q for the quarter ended June 30, 2024. The second notice grants OneMedNet an exception until October 31, 2024 to file the delinquent Forms 10-Q for both Q1 and Q2 2024.
If OneMedNet fails to regain compliance by the deadline, Nasdaq will notify the company of potential delisting, subject to appeal. OneMedNet is working with its new auditor, WithumSmith+Brown, PC, to complete and file the required documents. The company's securities continue to trade on The Nasdaq Capital Market under the symbol ONMD despite the non-compliance status.
OneMedNet (Nasdaq: ONMD) ha ricevuto due avvisi da Nasdaq riguardanti ritardi nei depositi del Modulo 10-Q. Il primo avviso indica la non conformità ai requisiti di quotazione di Nasdaq a causa del mancato deposito del Modulo 10-Q per il trimestre conclusosi il 30 giugno 2024. Il secondo avviso concede a OneMedNet un eccezione fino al 31 ottobre 2024 per presentare i Moduli 10-Q in ritardo per entrambi i periodi Q1 e Q2 2024.
Se OneMedNet non recupera la conformità entro la scadenza, Nasdaq informerà l'azienda di un possibile delisting, soggetto a appello. OneMedNet sta collaborando con il suo nuovo revisore, WithumSmith+Brown, PC, per completare e presentare i documenti richiesti. I titoli dell'azienda continuano a essere scambiati sulla Nasdaq Capital Market sotto il simbolo ONMD nonostante lo stato di non conformità.
OneMedNet (Nasdaq: ONMD) ha recibido dos avisos de Nasdaq sobre la demora en la presentación de formularios 10-Q. El primer aviso indica el incumplimiento de los requisitos de listado de Nasdaq debido a la falta de presentación del formulario 10-Q para el trimestre que finalizó el 30 de junio de 2024. El segundo aviso concede a OneMedNet una excepción hasta el 31 de octubre de 2024 para presentar los formularios 10-Q atrasados de Q1 y Q2 de 2024.
Si OneMedNet no recupera la conformidad para la fecha límite, Nasdaq notificará a la empresa sobre un posible desliste, sujeto a apelación. OneMedNet está trabajando con su nuevo auditor, WithumSmith+Brown, PC, para completar y presentar los documentos requeridos. Los valores de la empresa continúan negociándose en el Nasdaq Capital Market bajo el símbolo ONMD a pesar del estado de incumplimiento.
OneMedNet (Nasdaq: ONMD)는 Nasdaq으로부터 10-Q 양식 제출 지연에 대한 두 가지 통지를 받았습니다. 첫 번째 통지는 2024년 6월 30일로 종료된 분기의 10-Q 양식을 제출하지 않아 Nasdaq의 상장 요구사항을 준수하지 않음을 나타냅니다. 두 번째 통지는 OneMedNet에게 2024년 Q1 및 Q2의 미제출 10-Q 양식을 제출할 예외를 2024년 10월 31일까지 부여합니다.
If OneMedNet이 기한까지 준수를 회복하지 못할 경우, Nasdaq은 기업에게 잠재적인 상장 폐지 통지를 할 것입니다. OneMedNet은 WithumSmith+Brown, PC라는 새로운 감사인과 협력하여 필요한 문서를 완료하고 제출하고 있습니다. 비록 비준수 상태임에도 불구하고, 회사의 증권은 여전히 ONMD라는 기호로 Nasdaq Capital Market에서 거래되고 있습니다.
OneMedNet (Nasdaq: ONMD) a reçu deux avis de Nasdaq concernant des dépôts de formulaire 10-Q retardés. Le premier avis indique un non-respect des exigences de cotation de Nasdaq en raison du défaut de soumettre son formulaire 10-Q pour le trimestre se terminant le 30 juin 2024. Le deuxième avis accorde à OneMedNet une exception jusqu'au 31 octobre 2024 pour soumettre les formulaires 10-Q en retard pour les trimestres Q1 et Q2 de 2024.
Si OneMedNet ne parvient pas à retrouver la conformité d'ici la date limite, Nasdaq avisera la société d'un potentiel retrait de la cotation, sous réserve d'appel. OneMedNet collabore avec son nouvel auditeur, WithumSmith+Brown, PC, pour compléter et soumettre les documents requis. Les titres de la société continuent d'être négociés sur le Nasdaq Capital Market sous le symbole ONMD en dépit de l'état de non-conformité.
OneMedNet (Nasdaq: ONMD) hat zwei Mitteilungen von Nasdaq bezüglich der verspäteten Einreichung von Form 10-Q erhalten. Die erste Mitteilung weist auf die Nichteinhaltung der Listungsanforderungen von Nasdaq hin, da das Unternehmen sein Form 10-Q für das zum 30. Juni 2024 endende Quartal nicht eingereicht hat. Die zweite Mitteilung gewährt OneMedNet eine Ausnahme bis zum 31. Oktober 2024, um die überfälligen Formulare 10-Q für Q1 und Q2 2024 einzureichen.
Wenn OneMedNet die Konformität bis zur Frist nicht wiederherstellen kann, wird Nasdaq das Unternehmen über eine mögliche Delistung benachrichtigen, die anfechtbar ist. OneMedNet arbeitet mit seinem neuen Prüfer, WithumSmith+Brown, PC, zusammen, um die erforderlichen Dokumente abzuschließen und einzureichen. Die Wertpapiere des Unternehmens werden trotz des Nichteinhaltungsstatus weiterhin unter dem Symbol ONMD am Nasdaq Capital Market gehandelt.
- Nasdaq grants an exception until October 31, 2024, to file the delinquent Forms 10-Q
- Company's securities continue to trade on The Nasdaq Capital Market under the symbol ONMD
- Non-compliance with Nasdaq's continued listing requirements due to delayed Form 10-Q filings
- Risk of potential delisting if compliance is not regained by October 31, 2024
- Delayed financial reporting for Q1 and Q2 2024
Insights
OneMedNet's receipt of Nasdaq notices regarding delayed quarterly filings is a significant red flag for investors. The company's failure to file its 10-Q forms for two consecutive quarters raises serious concerns about its financial reporting capabilities and internal controls. This situation could lead to potential delisting from Nasdaq if not resolved by October 31, 2024, which would severely impact stock liquidity and investor confidence.
The engagement of a new auditor, WithumSmith+Brown, PC, suggests possible disagreements with the previous auditor or complex accounting issues that require additional scrutiny. While the company expresses confidence in meeting the October 31 deadline, the lack of concrete financial information leaves investors in the dark about OneMedNet's current financial health and performance.
Investors should approach this stock with extreme caution until the delayed filings are submitted and any underlying issues are fully disclosed and addressed.
The Nasdaq notices received by OneMedNet highlight significant compliance issues that could have serious legal and regulatory consequences. Failure to file timely financial reports violates SEC regulations and Nasdaq listing rules, potentially exposing the company to enforcement actions, fines and investor lawsuits.
The granted exception until October 31, 2024, provides a critical deadline for OneMedNet to rectify its reporting deficiencies. However, if the company fails to meet this deadline, it faces the risk of delisting, which could trigger breach of contract clauses in various agreements and potentially lead to a cascade of legal challenges.
Investors should be aware that this situation may indicate deeper governance or internal control issues that could have far-reaching legal implications beyond just the delayed filings.
OneMedNet's delayed filings create significant market uncertainty around the company's true financial position and operational performance. This lack of transparency is likely to erode investor confidence and could lead to increased stock volatility or downward pressure on the share price.
The company's status as a curator of regulatory-grade Real World Data makes timely and accurate financial reporting even more critical. Any perceived instability could impact client trust and potentially benefit competitors in the RWD space. The market will be closely watching for the resolution of these filing issues, as it could significantly influence OneMedNet's competitive position and growth prospects.
Investors should monitor for any insider trading activity or changes in institutional holdings, as these could provide insights into how those with potentially more information view the company's current situation and future prospects.
MINNEAPOLIS, Sept. 12, 2024 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) (“OneMedNet” or the “Company”), the leading curator of regulatory-grade Real World Data ("RWD"), inclusive of electronic health records, laboratory results and, uniquely, medical imaging, today announced the Company received an expected notice (the “First Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, due to the Company’s failure to timely file its Form 10-Q for the fiscal quarter ended June 30, 2024 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”), the Company is not in compliance with Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires the timely filing of all required periodic reports with the SEC.
On September 10, 2024, the Company received a notification letter (the “Second Notice”) from Nasdaq, which responded to the Company’s plan to regain compliance regarding its delinquent Form 10-Q for the fiscal quarter ended March 31, 2024 (the “Initial Delinquent Filing” and together with the Form 10-Q, the “Delinquent Filings”). In the Second Notice, Nasdaq grants the Company an exception until October 31, 2024 to file the Delinquent Filings with the SEC and regain compliance with the Rule. In the event the Company does not regain compliance with the Rule by October 31, 2024, Nasdaq will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Nasdaq’s determination to a hearings panel.
The Company continues to work diligently with its new auditor, WithumSmith+Brown, PC, to complete and file the Delinquent Filings as soon as practicable. The Company currently expects to prepare and file the Delinquent Filings on or before October 31, 2024, although there can be no guarantee that the Delinquent Filings are filed within the required timeframe.
Neither the Notices nor the Company’s non-compliance with the Listing Rule has an immediate effect on the listing or trading of the Company’s securities on Nasdaq, which will continue to trade on The Nasdaq Capital Market under the symbol “ONMD.” This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.
About OneMedNet Corporation
OneMedNet provides innovative solutions that unlock the significant value contained within the Real-World Data (“RWD”) repositories of over 1,400 healthcare system and provider sites that currently comprise its iRWD™ network. OneMedNet’s proprietary iRWD™ platform provides secure, comprehensive management of diverse clinical data types, including electronic health records, laboratory results, and uniquely, medical imaging. Employing its robust iRWD™ platform, the Company securely de-identifies, searches, and curates the clinical data, bringing a wealth of internal and third-party research opportunities to its drug, medical device and imaging/diagnostic AI development customers.
OneMedNet’s platform is designed to meet the clinical requirements necessary across various domains, including but not limited to rare diseases, oncology and cardiology. The Company is committed to delivering precise and robust research support services that span the entire continuum of care. This commitment is a cornerstone of OneMedNet’s strategy to enhance patient outcomes and help pave the next wave of healthcare innovation. For more information, please visit www.onemednet.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; our business prospects and opportunities; and our use of the net proceeds from the private placement, including whether we will purchase Bitcoin or any other digital assets and the holding period for any such purchases. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of OneMedNet; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
OneMedNet Contacts:
Michael Wong, Director of Marketing
Phone: 800.918.7189
Email: michael.wong@onemednet.com
SOURCE: ONEMEDNET CORPORATION
FAQ
What is the deadline for OneMedNet (ONMD) to file its delinquent Form 10-Q reports?
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Who is OneMedNet's new auditor working on the delayed Form 10-Q filings?
