Not good news....
Attis to Appeal Staff Determination Regarding Delinquent Reports
MILTON, GA, April 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company, today announced that Nasdaq has informed the Company by letter (the “April Nasdaq Letter”) that it is not in compliance with Nasdaq’s filing requirements set forth in Listing Rule 5250(c)(1) because it has failed to file its Quarterly Report on Form 10-Q for the period ending September 30, 2018 and its Annual Report on Form 10-K for the period ending December 31, 2018 by April 16, 2019. The Company intends to appeal this determination and request an extended stay of suspension of the Company’s securities, which, if granted, would require that the Company become current in its filings prior to the date of the hearing with the Nasdaq Appeals Panel, which is expected to occur during the period between May 24, 2019 and June 10, 2019. In the event that the extended stay of suspension is rejected, the initial stay will last only until on or about May 9, 2019, at which time the Company’s securities would be suspended from The Nasdaq Capital Market and a Form 25-NSE will be filed with the Securities and Exchange Commission, which would remove the Company’s securities from the listing and registration on The Nasdaq Stock Market, unless all outstanding filings have been submitted prior to that date. The April Nasdaq Letter has no immediate effect on the listing or trading of the Company’s common stock.
The delay in the Company’s filings is a result of efforts to continue to assess the accounting related to certain historical transactions that took place in 2017 and the first half of 2018 and the Company believes it is important that the aforementioned transactions are presented accurately to our shareholders. The Company has benefited from these transactions through the acquisition of valuable intellectual property and licenses related to ethanol coproduct technology and absorbing an engineering team with extensive process and civil engineering experience in the green technology market; however, the process of quantifying certain fair values within these transactions has proven extremely labor-intensive and time-consuming.
Houstonian
