ACETO Announces Receipt of Nasdaq Notice Due to Delay in Filing Form 10-Q for the Fiscal Quarter Ended December 31, 2018
PORT WASHINGTON, N.Y., Feb. 20, 2019 (GLOBE NEWSWIRE) -- ACETO Corporation (Nasdaq: ACET), an international company engaged in the development, marketing, sale and distribution of Human Health products, Pharmaceutical Ingredients and Performance Chemicals, announced today that it received a notification from the Nasdaq Stock Market (“Nasdaq”) on February 13, 2019 informing Aceto that since Aceto had not yet filed its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2018 (the “Quarterly Report”), Aceto was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”). The Listing Rule requires listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission. The Nasdaq notification letter specifies that Aceto has 60 calendar days, or until April 14, 2019, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the plan from Aceto, Nasdaq can grant an exception of up to 180 calendar days from the Quarterly Report’s due date, or until August 12, 2019, to regain compliance. Aceto filed the Quarterly Report prior to the opening of trading on February 20, 2019. The Quarterly Report, among other things, describes that on February 19, 2019, the Company and certain of its U.S. subsidiaries each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code.
ACETO Corporation, incorporated in 1947, is focused on the global marketing, sale and distribution of Human Health products (finished dosage form generics and nutraceutical products), Pharmaceutical Ingredients (pharmaceutical intermediates and active pharmaceutical ingredients) and Performance Chemicals (specialty chemicals and agricultural protection products). With business operations in nine countries, ACETO distributes over 1,100 chemical compounds used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial chemical industries. ACETO's global operations, including a staff of 25 in China and 12 in India, are distinctive in the industry and enable its worldwide sourcing and regulatory capabilities.