PetMed Express Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q
February 15 2024 - 8:30AM
PetMed Express, Inc. (“PetMeds®”) (NASDAQ: PETS), received on
February 13, 2024, a notice (the “Notice”) from The Nasdaq Stock
Market LLC (“Nasdaq”) indicating that, as a result of not having
timely filed the Form 10-Q with the SEC, the Company is not in
compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing
Rule”), which requires timely filing of all required periodic
financial reports with the SEC.
The Notice has no immediate effect on the
listing or trading of the Company’s common stock on Nasdaq.
The Notice indicated that the Company must
submit a plan to regain compliance with the Listing Rule within 60
calendar days and, following receipt of such plan, Nasdaq may grant
an extension of up to 180 calendar days from the Form 10-Q due
date, or until August 7, 2024, for the Company to regain
compliance. On February 9, 2024, the Company filed a Notification
of Late Filing on Form 12b-25 indicating that it was unable,
without unreasonable effort or expense, to file its Quarterly
Report on Form 10-Q for the fiscal quarter ended December 31, 2023
(the “Form 10-Q”) by the prescribed due date as a result of the
restatement of certain of the Company’s financial statements (the
“Restatement”). The Restatement is more fully described in the
Company’s Current Report on Form 8-K filed with the SEC on February
8, 2024.
While the Company can provide no assurances as
to timing, the Company is working diligently to complete the
Restatement and plans to file the Form 10-Q as soon as practicable
to regain compliance with the Listing Rule.
ABOUT PETMEDS
Founded in 1996, PetMeds is Your Trusted Pet
Health Expert, delivering pet medications, food, health services
and other products direct to the consumer at PetMeds.com and
through its toll-free number (1-800-PetMeds). PetMeds aims to be
the most trusted pet health expert by providing incredible care and
services that are affordable to the broadest group of pet
parents--because every pet deserves to live a long, happy, healthy
life. For more information, please visit www.petmeds.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking statements. Words such as “may,”
“could,” “expect,” “project,” “outlook,” “strategy,” “intend,”
“plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “strive,” “goal,” “continue,” “likely,” “will,”
“would” and other similar words and expressions are intended to
signify forward-looking statements. Such forward-looking statements
are necessarily based upon estimates and assumptions that, while
considered reasonable by the Company and its management, are
inherently uncertain and are subject to various risks and
uncertainties, including: statements regarding the Company’s
ability to complete the filing of the Form 10-Q within the
anticipated time period; the Company’s ability to regain compliance
with Nasdaq listing standards; and the time required to complete
the Restatement of the Company’s financial statements. The
Company’s future results may also be impacted by other risk factors
listed from time to time in the Company’s filings with the
Securities and Exchange Commission (“SEC”), including, but not
limited to, the Company's Annual Report on Form 10-K for the year
ended March 31, 2023, as well as other subsequent filings on Form
10-Q and periodic filings on Form 8-K. You should not place undue
reliance on these forward-looking statements, which apply only as
of the date of this press release and should not be relied upon as
representing the Company’s views as of any subsequent date. The
Company explicitly disclaims any obligation to update any
forward-looking statements, other than as may be required by law.
If the Company does update one or more forward-looking statements,
no inference should be made that the Company will make additional
updates with respect to those or other forward-looking
statements.
PETMEDS INVESTOR RELATIONS
CONTACTBrian M. Prenoveau, CFAMZ
Group561-489-5315investor@petmeds.com
PETMEDS MEDIA CONTACTMary Eva
TredwayButin PRmaryeva@butinpr.com
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