China-based Legend Biotech Corporation (NASDAQ: LEGN) has released a notice stating that it is no longer in danger of delisting from the Nasdaq stock market. This follows the company’s recent filing of a Form 6-K financial report for the Q2 2022 period ended June 30, 2022. The delay in filing was caused by Legend’s decision to restate various financial statements dating back to 2019. Previously, in January, Legend was warned that it was in non-compliance with Nasdaq Listing Rules due to the delayed statement.
Resolution of Delisting Threat
The successful filing of the Form 6-K financial report for Q2 2022 has resolved the delisting threat. This marks a significant milestone for Legend Biotech, as it demonstrates the company’s commitment to transparency and compliance with regulatory requirements. The restatement of financial statements was a necessary step to ensure the accuracy and integrity of the company’s financial reporting.
Background on the Delay
The delay in filing was due to Legend’s decision to restate various financial statements dating back to 2019. This process was undertaken to correct and update financial information, ensuring that it accurately reflects the company’s financial position. The restatement was a proactive measure to address any potential discrepancies and maintain the highest standards of financial reporting.
Strategic Implications
The resolution of the delisting threat is a strategic achievement for Legend Biotech. It underscores the company’s dedication to maintaining compliance with Nasdaq Listing Rules and enhancing investor confidence. By resolving this issue, Legend is well-positioned to focus on its core business activities and continue its growth trajectory in the biotechnology sector.-Fineline Info & Tech
