NASDAQ puts Inogen on notice
GOLETA, Calif. – Inogen has received a notice from the NASDAQ stating it’s not in compliance with a rule requiring timely filing of periodic financial reports with the Securities and Exchange Commission.
Inogen received the notice on April 15 after failing to file its Form 10-K for the fiscal year ended Dec. 31, 2014, on two separate occasions.
“The NASDAQ notice has no immediate effect on the listing or trading of Inogen’s common stock on the NASDAQ Global Select Market,” the company stated in a press release. “Under NASDAQ rules, Inogen has 60 calendar days from the date of the letter to submit a plan to regain compliance.”
Inogen announced March 12 that it would not meet the March 31 deadline for filing the form due to an internal investigation into its accounting practices. The company announced on April 1 that it filed a Form 12b-25 to get an extra 15 days to file the form, but then it announced April 14 that it still wasn’t ready.
If the NASDAQ approves Inogen’s plan to regain compliance, the company will have until Oct. 12, 2015, to file the form.
“Inogen expects to submit a plan to regain compliance or file its Form 10-K within the timeline prescribed by NASDAQ,” the company stated.
Inogen says documentation issues are to blame for the delay in filing.