- Qualigen Therapeutics (QLGN, Financial) risks delisting from Nasdaq due to a delayed 2024 Form 10-K filing.
- The company intends to appeal the Nasdaq decision by May 1, 2025, to avoid trading suspension on May 5, 2025.
- Ongoing accounting and internal control processes have caused the filing delay, with no specific timeline for completion.
Qualigen Therapeutics, Inc. (QLGN) recently received a deficiency notification from Nasdaq on April 24, 2025, for failing to submit its 2024 Annual Report (Form 10-K) on time. This action places the company at risk of being delisted from the Nasdaq stock exchange. The notice comes after a previous decision in December 2024 by a Nasdaq Hearings Panel, which had established a Discretionary Panel Monitor due to compliance issues.
The biotechnology firm now faces a critical decision deadline; it must appeal the delisting by May 1, 2025. If the appeal is not filed, trading of QLGN stock will be halted at the start of business on May 5, 2025, with Nasdaq subsequently filing a Form 25-NSE with the SEC to formally delist the company's securities.
Qualigen has stated its intention to appeal the decision and is actively working to finalize its delayed 10-K filing. However, the company has not provided a clear timeline for the completion of this report. The delay is attributed to the need for additional time to complete customary accounting and internal control processes.
This situation raises significant concerns for shareholders, as a potential delisting could impact stock liquidity and institutional investment eligibility. The company's management is striving to regain compliance with Nasdaq’s listing requirements, but the outcome remains uncertain as of now.
