VSee Health, Inc. Receives Nasdaq Notice Regarding Delayed Form 10-Q Filing

Rhea-AI Summary

VSee Health (Nasdaq: VSEE) has received a notice from Nasdaq on September 6, 2024, stating that the company is not in compliance with listing rule 5250(c)(1) due to the delayed filing of its Q2 2024 Form 10-Q. This non-compliance does not immediately affect the listing or trading of VSee's stock on The Nasdaq Capital Market. The company has until November 5, 2024 to submit a compliance plan to Nasdaq. If accepted, VSee may be granted up to 180 calendar days (until February 18, 2025) to regain compliance. VSee intends to take necessary steps to file the Form 10-Q and regain compliance as soon as possible.

Positive

• None.

Negative

• Delayed filing of Q2 2024 Form 10-Q
• Non-compliance with Nasdaq listing rule 5250(c)(1)
• Risk of potential delisting if compliance is not regained

Insights

Financial Analyst

This delay in filing the Form 10-Q raises significant concerns about VSee Health's financial reporting processes and internal controls. Such delays often indicate underlying issues that could impact investor confidence. The non-compliance with Nasdaq's listing rules puts the company at risk of potential delisting if not addressed promptly. While the immediate trading impact is minimal, this situation could lead to increased volatility and reduced investor interest in the short term. The company's ability to meet the November 5 deadline for submitting a compliance plan will be crucial. Investors should closely monitor the company's progress and any subsequent filings for a clearer picture of its financial health and operational stability.

Legal Expert

VSee Health's failure to file its 10-Q on time is a serious regulatory issue. This non-compliance with SEC requirements could potentially expose the company to legal risks and penalties. The 60-day window to submit a compliance plan to Nasdaq is standard procedure, but it's important to note that acceptance of the plan is not guaranteed. If accepted, the extended deadline of up to 180 days provides some breathing room, but also prolongs uncertainty for stakeholders. Investors should be aware that continued non-compliance could lead to more severe consequences, including potential delisting from Nasdaq. This situation underscores the importance of robust financial reporting systems and the potential repercussions of failing to meet regulatory obligations.

BOCA RATON, Fla.--(BUSINESS WIRE)-- VSee Health, Inc. (the “Company”) (Nasdaq: VSEE), announced today that on September 6, 2024, the Company received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company had not yet filed its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (the “Form 10-Q”), the Company is not in compliance with Nasdaq’s listing rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission (the “SEC”).

The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock or its public warrants on The Nasdaq Capital Market. The Company has until November 5, 2024 to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 calendar days from the Form 10-Q’s original due date, or until February 18, 2025, to regain compliance. The Company intends to take the necessary steps to regain compliance with Nasdaq’s listing rules and file the Form 10-Q as soon as practicable.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company’s ability to regain compliance with Nasdaq’s listing rules within the required timeframe. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties that may cause actual results to differ significantly, including those risks set forth in the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and other documents filed with the SEC. Copies of such filings are available on the SEC’s website at www.sec.gov. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240911991637/en/

LHA Investor Relations

Tirth T. Patel

212-201-6614

tpatel@lhai.com

Source: VSee Health, Inc.

FAQ

Why did VSee Health (VSEE) receive a notice from Nasdaq on September 6, 2024?

VSee Health received a notice from Nasdaq because it had not filed its Quarterly Report on Form 10-Q for Q2 2024, violating Nasdaq's listing rule 5250(c)(1) which requires timely filing of periodic financial reports.

What is the deadline for VSee Health (VSEE) to submit a compliance plan to Nasdaq?

VSee Health has until November 5, 2024, to submit a plan to Nasdaq to regain compliance with the listing rules.

How long does VSee Health (VSEE) have to regain compliance with Nasdaq listing rules?

If Nasdaq accepts VSee Health's compliance plan, the company may be granted up to 180 calendar days from the original Form 10-Q due date, or until February 18, 2025, to regain compliance.

Will the Nasdaq notice immediately affect VSee Health's (VSEE) stock listing or trading?

No, the Nasdaq notice has no immediate effect on the listing or trading of VSee Health's common stock or public warrants on The Nasdaq Capital Market.