Bluebird Bio Announces Receipt Of Expected Notice From Nasdaq; Company Has 60 Calendar Days From Receipt Of The Notice, Or Until June 24, 2024, To Submit A Plan To Regain Compliance With The Rule
Portfolio Pulse from Benzinga Newsdesk
Bluebird Bio, Inc. (NASDAQ:BLUE) received a notice from Nasdaq for not filing its Annual Report on Form 10-K for 2023, violating Nasdaq Listing Rule 5250(c)(1). The company has until June 24, 2024, to submit a compliance plan. The delay is due to the need to restate financial statements for 2022 and unaudited financial information for 2023 and 2022, related to embedded leases and non-lease components in lease agreements. Bluebird Bio is working to complete the filing as soon as possible and does not anticipate an impact on its cash position or revenue from the restatements.
April 26, 2024 | 8:06 pm
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Bluebird Bio received a Nasdaq non-compliance notice for not filing its 2023 Annual Report, with a deadline for a compliance plan by June 24, 2024. The delay is due to financial restatements, which are not expected to impact cash or revenue.
The receipt of a non-compliance notice from Nasdaq typically puts negative pressure on a company's stock due to concerns about governance and financial transparency. However, the company's statement that the restatements are not expected to impact its cash position or revenue might mitigate some of the negative sentiment. The neutral score reflects the balance between the negative implications of the compliance issue and the company's reassurance regarding its financial stability.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100