- Laser Photonics Corp (LASE, Financial) has until June 20, 2025, to file delayed financial reports or provide a compliance plan to NASDAQ.
- The filing delays are linked to the $1 million acquisition of CMS assets, complicating the audit process.
- NASDAQ allows up to 180 additional days (until October 13, 2025) for compliance restoration.
Laser Photonics Corporation (NASDAQ:LASE) has been granted an extension until June 20, 2025, to file its overdue annual report for fiscal year 2024 (10-K) and its first quarter 2025 report (10-Q) with NASDAQ. The company must either submit these filings or present a viable compliance plan to avoid potential delisting from the exchange due to non-compliance with NASDAQ's listing rules.
The delay in filings results primarily from Laser Photonics' acquisition of CMS assets for $1 million in November 2024, through bankruptcy proceedings. This acquisition has introduced complexities in auditing, notably in reviewing CMS's historical revenue recognition practices and determining the valuation gains from the acquired assets as of December 31, 2024.
NASDAQ has identified key areas under review as potential compliance risks and has set a maximum extension of 180 days, allowing the company until October 13, 2025, to rectify its shortcomings. Failure to meet these deadlines could result in heightened regulatory scrutiny and potential delisting, adding significant uncertainty to the company's financial position.
