Edgio Receives Expected Notice From NASDAQ Stating That The Company Is Not In Compliance With The Requirements For Continued Listing Under Nasdaq Listing Rule 5250(c)(1)
Portfolio Pulse from Benzinga Newsdesk
Edgio, Inc. (NASDAQ:EGIO) received a notice from Nasdaq for not complying with Listing Rule 5250(c)(1) due to the delay in filing its 2023 Annual Report. The delay was caused by the resignation of its independent accounting firm and the time needed to engage a new one. Edgio has 60 days to submit a compliance plan and may get up to 180 days to file the report and regain compliance.
April 05, 2024 | 1:02 pm
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Edgio, Inc. received a Nasdaq non-compliance notice due to a delay in filing its 2023 Annual Report, attributed to the resignation of its accounting firm and the engagement of a new one.
Receiving a notice of non-compliance from Nasdaq typically has a negative impact on investor confidence and can lead to a decrease in stock price in the short term. The situation is exacerbated by the reason for the delay - the resignation of the accounting firm, which may raise concerns about the company's financial health or internal controls. However, the company's proactive steps to engage a new firm and its intention to regain compliance could mitigate some of the negative impact over time.
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