Qualigen Therapeutics receives Nasdaq notice over delayed 10-K filing

Qualigen Therapeutics said that on April 20, 2023, it received a letter from the Nasdaq Stock Market LLC relating to the Company’s failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2022 as required under Section 5250(c) of Nasdaq Rules regarding the Qualification, Listing and Delisting of Companies. On March 31, 2023, the Company filed Notification of Late Filing on Form 12b-25, indicating that the filing of its Form 10-K will be delayed until after the completion of the accounting and disclosures related to the Company’s acquisition of a majority interest in NanoSynex, Ltd included in its Annual Report. Although the Company dedicated significant resources to the completion of its audited consolidated financial statements and related disclosures for inclusion in the Form 10-K, the Company was unable to complete and file the Form 10-K prior to April 17, 2023, the extension period provided by the Form 12b-25. The delay was due primarily to the Company’s acquisition of a majority interest in NanoSynex, Ltd. and additional information and investigation needed in relation to the Company’s financial statements to complete the audit. Under Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company generally has 60 calendar days from the date of the deficiency letter to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules.