- PetMed Express (PETS, Financial) has received a Nasdaq deficiency notice due to a delayed 10-K filing for the fiscal year ending March 31, 2025.
- The company has until September 1, 2025, to submit a compliance plan and may receive an extension until December 29, 2025.
- The notice currently has no immediate impact on PetMed's Nasdaq listing or trading status.
PetMed Express, Inc. (PETS) announced on July 2, 2025, that it received a notification of deficiency from The Nasdaq Stock Market LLC. This notification follows the company's failure to file its annual report on Form 10-K for the fiscal year ended March 31, 2025, by the deadline. The notice signifies non-compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely submission of periodic financial reports to the SEC.
The company has a 60-day window, ending on September 1, 2025, to submit a compliance plan to Nasdaq. Should this plan be accepted, PetMed Express could potentially receive an extension until December 29, 2025, to file the overdue report, offering a maximum 180-day period to rectify the deficiency.
The delay in the report filing stems from ongoing issues in preparing the company's financial statements and related disclosures. On June 16, 2025, PetMed filed a Form 12b-25, acknowledging its inability to meet the filing deadline "without unreasonable effort or expense," and further details were shared in an 8-K filing on July 1, 2025.
While there are no immediate consequences for the company's Nasdaq listing status, the delay could indicate possible internal control weaknesses or accounting complexities that require extended review. PetMed emphasizes its commitment to completing the financial statements as soon as practicable to regain compliance.
Failure to meet compliance within the specified timeframe could lead to delisting proceedings, impacting share liquidity and investor confidence. PetMed Express's ability to resolve these issues swiftly will be pivotal in maintaining its Nasdaq listing and ensuring market stability.
