Shares of American glass-manufacturing company, View Inc (NASDAQ: VIEW) were down 24% on March 4 and closed quite near its 52-week low at $1.41. The company received a notice of delisting from Nasdaq, after it delayed the filing of its quarterly and annual reports.
Filing Delay Leads to Non-Compliance
According to the company’s release, the company’s failure to file its Annual Report on Form 10-K for the year ended December 31, 2021, acts as an additional basis for the delisting of the company’s stock from Nasdaq.
Earlier, on February 15, the company received a Staff Delisting Determination from the Nasdaq Listing Qualifications Department, notifying that it had initiated a process to delist the company’s securities from Nasdaq due to the Company’s failure to file its quarterly reports on Form 10-Q for the periods ended June 30 and September 30, 2021.
In turn, on February 22, the Company requested the Staff Determination for a hearing before a Nasdaq Hearings Panel, where it will present its plan to regain compliance with the applicable listing requirements.
To be compliant with Nasdaq Listing Rule 5250(c)(1), companies are required to file all required periodic financial reports. View was unable to meet compliance requirements, after it failed to file Form 10-K and the quarterly reports.
At present, View is conducting a review of procedures with respect to these reports and associated financial statements.
Although the Company is working diligently to file the required reports, there is no assurance that such reports will be filed before any hearing is held by the Nasdaq Hearings Panel, or that the Nasdaq Hearings Panel will grant the company’s request for a stay pending the hearing.
There is a possibility that the company’s shares will be subject to delisting on the Nasdaq Global Market, if the Company’s appeal is denied or it fails to regain compliance with Nasdaq’s continued listing standards.
The stock has picked up a rating from one analyst in the past three months. On January 5, Raymond James analyst Pavel Molchanov reiterated a Buy rating on View with a price target of $9 (538.3% upside potential).
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