Basel Medical Faces Compliance Risk for Incomplete Annual Report Submission
Basel Medical announced that it has received notification from Nasdaq that the company's annual report on Form 20-F for the fiscal year ended June 30 was incomplete and that the company is delinquent in its filing obligations. This was because such report failed to include an opinion from the company's auditor, NLA DFK Assurance PAC, on the company's financial statements. Pursuant to Listing Rule 5250, companies shall timely file all required periodic financial reports with the United States Securities and Exchange Commission, and annual reports filed shall contain audited financial statements. Under Nasdaq rules, the company now has 60 calendar days to submit a plan to regain compliance and if such plan is accepted by Nasdaq, an exception of up to 180 calendar days from the original filing's due date may be granted, or until May 18, 2026, to regain compliance.
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Basel Medical Group (BMGL) Receives Nasdaq Notice, Must Regain Compliance in 180 Days
- Nasdaq Warning: Basel Medical Group has received a notice from Nasdaq for failing to meet the $1 minimum bid price requirement after 30 consecutive trading days below this level, facing potential delisting risks and needing to take action within 180 days.
- Compliance Deadline: The company must maintain a closing bid price of at least $1 for 10 consecutive business days within 180 days, with a potential reverse stock split required before July 21, 2026, to meet Nasdaq's requirements.
- Response Plan: Basel Medical Group stated it is working with advisers to prepare a plan to address the listing non-compliance, aiming to implement effective measures to restore its stock price and ensure continued listing.
- Stock Price Reaction: Despite facing compliance challenges, Basel Medical Group's shares rose by 2.54%, indicating market confidence in the company's ability to regain compliance in the future.
Basel Medical Group Receives Delinquency Notice from Nasdaq
Delinquency Notification: Basel Medical Group Ltd. received a delinquency notification from Nasdaq due to an incomplete annual report for the fiscal year ending June 30, 2025, which lacked an auditor's opinion on its financial statements.
Compliance Timeline: The company has 60 days to submit a plan to regain compliance with Nasdaq rules, with a potential extension of up to 180 days if the plan is approved.
Financial Performance: For the fiscal year 2025, Basel Medical reported a net loss of S$12.09 million, a significant decline from a profit of S$2.07 million the previous year, despite an increase in sales from S$10.05 million to S$11.32 million.
Stock Performance: On the Nasdaq, BMGL shares closed at $1.14, reflecting a 2.52% decrease.
