Unico American Corporation Receives Notification From Nasdaq Related To Delayed Quarterly Report On Form 10-Q
Unico American Corporation (NASDAQ:UNAM) ("Unico" or the "Company") filed a Current Report on Form 8-K with the Securities and Exchange Commission (the "SEC") announcing the Company's receipt of an additional notice (the "Additional Notice") from Nasdaq notifying the Company that, because its Quarterly Report on Form 10-Q for the period ended March 31, 2023 (the "Form 10-Q") had not been filed with the SEC by the required due date, the Company is not in compliance with the periodic filing requirements for continued listing set forth in Nasdaq Listing Rule 5250(c)(1) (the "Rule"). Today the Company issued a press release concerning its receipt of the Additional Notice from Nasdaq.
As previously disclosed, the Company received a notice from Nasdaq on April 15, 2023 that the Company is noncompliant with the Rule as a result of its failure to file its Annual Report on Form 10-K for the year ended December 31, 2022 with the SEC by the required due date (the "Prior Notice"). The Company has 60 calendar days from receipt of the Prior Notice to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Annual Report on Form 10-K for the year ended December 31, 2022 to regain compliance. There can be no assurance that the Company will be able to develop a plan regain compliance, that Nasdaq will accept a plan submitted by the Company or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.
The Additional Notice has no immediate effect on the listing or trading of the Company's shares of common stock, though Nasdaq will broadcast an indicator over its market data dissemination network noting the Company's noncompliance. If the Company fails to gain timely compliance with the Rule, the Company's shares of common stock will be subject to delisting from Nasdaq.