Unilife seeks more time to file earningsNASDAQ has threatened to delist the company over late filings
After missing a deadline to file quarterly earnings and avoid being delisted, Unilife Corp is asking the NASDAQ Stock Market for more time.
The York County company is seeking a full 180 days to file earnings for its fiscal third quarter, and has provided NASDAQ a plan for returning to compliance with the exchange's rules. The plan, however, has not been released publicly, said Unilife spokesman Jeremy Feffer.
The third-quarter report was originally due May 9, but Unilife had been granted an extension into July. NASDAQ has authority to extend the deadline to Nov. 7, according to a filing by Unilife with the Securities and Exchange Commission.
A NASDAQ spokeswoman said the exchange does not comment on “specific regulatory matters.”
It is unclear when NASDAQ will rule on Unilife's request for extra time. Appeals are possible.
In the filing, the company said it expects to regain compliance within the 180-day time frame. Feffer declined to say why Unilife didn’t file its quarterly report by the July deadline.
NASDAQ had informed Conewago Township-based Unilife in May that it was out of compliance with the exchange's listing rule and in danger of being delisted after the company did not file its regularly scheduled quarterly report.
The company postponed the filing, saying it had started an internal investigation into previous financial practices at the company that were against company policy, and possibly against the law.
The investigation, according to Unilife, centers around a former chairman of the board who resigned in 2015 and a former CEO. The company has not identified the executives by name, but they are presumably company founder and former CEO Alan Shortall — who resigned in March — and former chairman Jim Bosnjak, who resigned in 2015.
Unilife, which develops injectable drug-delivery systems, currently trades on the exchange at the ticker symbol UNIS.