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DELRAY BEACH, Fla. – Pet pharmacy giant PetMed Express, Inc. (NASDAQ:PETS) announced Monday that the company is now listed under Nasdaq Rule 5250 (c)(1) from the Nasdaq Stock Market LLC. This rule requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (SEC).
This notice was issued due to PetMed Express' failure to timely file a Form 10-Q for the fiscal quarter ending December 31, 2023. The company previously filed a late filing notice on Form 12b-25 on February 9, 2024, stating that it would not be able to file its report by the required date without undue effort or expense. The delay is believed to be due to certain financial statement restations and is detailed in the company's most recent report on Form 8-K filed with the SEC on February 8, 2024.
This notice does not immediately affect the listing or trading of PetMed Express's common stock on Nasdaq, but it does require the company to submit a plan to return to compliance within 60 calendar days. Nasdaq may grant companies an extension of up to 180 calendar days from the Form 10-Q filing deadline, or until August 7, 2024, to meet the requirements.
PetMed Express is working diligently to complete the restatement and plans to file a Form 10-Q as soon as possible. However, the company does not guarantee the timing of the application.
Founded in 1996, PetMed Express has established itself as a trusted provider of pet medicine, food, health services and other products.
Information in this article is based on a PetMed Express, Inc. press release.
Investment Pro Insights
Given PetMed Express' current challenges with compliance with Nasdaq listing rules, a closer look at the company's financial health and market performance may provide additional context for investors. According to real-time data from InvestingPro, PetMed Express has a market capitalization of $108.03 Million, which reflects the company's current valuation in the market. Despite recent setbacks, the company's gross margin remained strong at 27.8% over the past 12 months as of Q2 2024, demonstrating a solid ability to generate profits from revenue.
InvestingPro Tips notes that PetMed Express has more cash than debt on its balance sheet, suggesting it may provide financial flexibility and stability in uncertain times. Masu. Additionally, the stock trades at a low earnings multiple, which could make it attractive to value investors looking for opportunities in the market. Notably, the company has maintained its dividend for his 15th consecutive year, a testament to its commitment to returning value to shareholders.
For those interested in a more in-depth analysis, there are 16 additional InvestingPro Tips available for PetMed Express that can provide further insight into the company's performance and potential investment opportunities. Readers who wish to access these tips can use a coupon code. pro news 24 Get an extra 10% off your annual or biennial Pro and Pro+ subscriptions with InvestingPro.
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