Inspired Entertainment issued warning by Nasdaq over late Q3 filing
Supplier warned it could have its shares delisted if it doesn’t meet deadlines laid out by the stock exchange
Inspired Entertainment has been issued a warning letter by Nasdaq over the late filing of its Q3 financial results.
The stock exchange has said that filing the results late breached Listing Rule 5250(c)(1), which relates to filing Form 10-Q for Q3.
This warning letter does not immediately affect the firm’s listing on the Nasdaq.
Under the stock exchange’s rules, the supplier has 60 calendar days, or until January 22, 2024, to file the required form or submit a plan to regain compliance with the rule to Nasdaq.
If the firm does supply a plan to Nasdaq, which is accepted, then Inspired will be granted an exception of up to 180 calendar days from the filing due date or until May 7, 2024, to regain compliance.
In the event that Inspired fails to regain compliance, this could lead to the firm being delisted .
Earlier this month, Inspired disclosed that the company needed more time to complete its Q3 statement and that the firm will need to restate certain previous filings due to an error related to the capitalization of software development costs.
The firm also said that reports by the company’s former independent accounting firm, Marcum LLP, “should no longer be relied upon”.