Agrify Corp. (NASDAQ:AGFY) has been sent a letter from NASDAQ’s Listing Qualifications Department for not submitting Q1 results promptly. Unless Agrify meets compliance requirements, it could face delisting. This marks the second warning, the first being earlier this year when the company failed to timely file its full-year financial results. Agrify blames accounting errors for the delay, a common challenge for many publicly traded cannabis companies recently.
To fulfill NASDAQ’s directives, Agrify must present a plan by June 20th. “If NASDAQ accepts the Company’s plan, then NASDAQ may grant the Company up to 180 days from the prescribed due date for filing Form 10-K and Form 10-Q to regain compliance. If NASDAQ does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a NASDAQ Hearings Panel,” reads the press release from Agrify.
Agrify’s share price fell by 10.63%, trading at $0.1875 per share on Wednesday afternoon.
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