Greenlane Holdings Inc . (NASDAQ:GNLN), a distributor of vaporization products and accessories, received a notice from The Nasdaq Stock Market on Monday, indicating the company is currently not in compliance with Nasdaq's Listing Rule 5250(c)(1). This rule mandates that Nasdaq-listed companies must file all required periodic financial reports in a timely manner with the Securities and Exchange Commission (SEC).
The non-compliance issue arose because Greenlane Holdings has not filed its Annual Report on Form 10-K for the fiscal year that ended on December 31, 2023. The company had previously alerted the SEC to the delay by filing a Form 12b-25 Notification of Late Filing on April 1, 2024.
As per the notice, Greenlane Holdings has been given a 60-day deadline, until June 17, 2024, to file the overdue Form 10-K or to present a plan to regain compliance with Nasdaq's Listing Rules. The company has expressed its intention to file the required Form 10-K within this 60-day window.
Should Greenlane Holdings fail to meet the June 17 deadline, the company plans to submit a compliance plan to Nasdaq. If Nasdaq accepts this plan, it may grant Greenlane Holdings an extension of up to 180 days from the original Form 10-K filing deadline, which would be until October 14, 2024, to regain compliance.
If, however, Nasdaq rejects the compliance plan, Greenlane Holdings will have the opportunity to appeal the decision before a Nasdaq Hearings Panel. The notice received has no immediate impact on the listing of Greenlane Holdings' common stock on Nasdaq.
The situation underscores the importance of adherence to financial reporting requirements for listed companies. Investors and stakeholders will be watching closely as Greenlane Holdings works to resolve its reporting delay. This information is based on a statement from an SEC filing.
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