- Qualigen Therapeutics (QLGN, Financial) receives a deficiency notice from Nasdaq for delayed filing of Q1 2025 Form 10-Q.
- This notification adds to existing compliance issues, posing a risk of potential delisting from Nasdaq.
- The company plans to address the issue in an upcoming Nasdaq hearing and is working on filing the delayed report.
Qualigen Therapeutics, Inc. (QLGN) has announced that on May 19, 2025, it received a deficiency notification from the Listing Qualifications Staff of The Nasdaq Stock Market LLC. The notification was issued due to the company's failure to file its Q1 2025 Form 10-Q report on time, violating Nasdaq Listing Rule 5250(c)(1). This deficiency will be considered by the Nasdaq Hearings Panel as an additional reason for the potential delisting of the company's securities from Nasdaq.
The delayed filing of the quarterly report compounds the existing listing compliance issues that Qualigen is facing. According to the Nasdaq rules, timely filing of all required periodic reports with the Securities and Exchange Commission (SEC) is mandatory for continued listing.
In response, Qualigen plans to present its compliance strategy at a previously scheduled hearing before the Nasdaq Hearings Panel. The company is actively working to complete and submit the delayed Form 10-Q as soon as possible. However, despite these efforts, there is no assurance that Nasdaq will grant an extension or that Qualigen will successfully regain compliance with all applicable listing requirements.
The potential delisting from Nasdaq could significantly impact the company's stock and investor confidence, highlighting the importance of resolving these compliance issues promptly. Qualigen continues to focus on addressing the deficiency and maintaining its market position.
