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Edgio, Inc. (NASDAQ:EGIO) (the "Company"), today announced that it received an expected notice (the "Notice") on April 4, 2024 from The Nasdaq Stock Market LLC ("Nasdaq") stating that the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") because the Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report") with the Securities and Exchange Commission (the "SEC"). The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
The Company previously reported in its Notification of Late Filing on Form 12b-25, filed with the SEC on March 15, 2024, that the Company was unable to file its 2023 Form 10-K within the prescribed time period due to the Company's previous independent registered public accounting firm's decision to resign as independent registered public accounting firm of the Company, effective December 18, 2023. The Audit Committee of the Board of Directors of the Company accepted the resignation and immediately engaged in a thorough search for a new independent registered public accounting firm. Due to the engagement of a new independent registered public accounting firm in the first quarter of 2024, the Company requires additional time to complete the procedures necessary to file its annual report on Form 10-K.
The Notice states that the Company has 60 calendar days from the date of the Notice, or until June 3, 2024, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Annual Report, or until September 30, 2024, to file the Annual Report to regain compliance.
The Company continues to work diligently to finalize its Annual Report and plans to file its Annual Report as promptly as possible to regain compliance with the Listing Rule.
Posted In: EGIO
