Cronos Group Receives Delinquency Letter From Nasdaq

Cronos Group (TSX: CRON) on Friday after hours provided a bi-weekly management cease trade update in connection with its delayed financials. Included within, were details that the firm has now received a delinquency letter for its listing on the Nasdaq as a result of the firms failure to file financials by the deadline.

The delay in financials was originally announced by the company on November 9, when it revealed that it would be taking goodwill and intangible asset impairments of $220 million for the period ended June 30. The timeline suggests that the firm is in the process of restating its second quarter results, while being behind on its third quarter financials as a result.

The blame for the delay however was placed on the firms audit committee, who needed additional time for analyzing the degree of impairment. At the time, the company stated it expects to file its financials within sixty days, which puts them into early January for final release.

Within the update, the firm confirmed that there has been no material changes since the original announcement, and no other defaults have occurred. However, the company has received a delinquency letter from the Nasdaq, related to listing qualifications due to the delayed financials. The letter is said to have no immediate impact on the company, with further details not provided by the company.

Cronos Group last traded at $6.21 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

Canadian Cannabis: Canaccord Lifts Cronos Target, Reiterates Canopy Growth And Tilray Ratings

Yesterday Canaccord Genuity Capital Markets put out a second-quarter preview note on the top Canadian...

Thursday, July 28, 2022, 03:02:00 PM

Cronos Confirms That It Has Received Expressions Of Interest, While Curaleaf Refuses To Comment

Cronos Group (TSX: CRON) has confirmed that it has received what amounts to “a number”...

Friday, July 7, 2023, 08:37:08 AM

Cronos Group Posts Revenues of US$7.3 Million For Q4 2019, Loss of US$63.8 Million

Cronos Group (TSX: CRON) (NASDAQ: CRON) has finally reported its fourth quarter and full fiscal...

Monday, March 30, 2020, 04:36:32 PM

Week Ahead: U.S Cannabis Earnings Expectations For CRON, CURA, IIPR And More

Cannabis investors are facing a harsh 2023 as shares of the largest U.S cannabis companies...

Sunday, February 26, 2023, 01:28:00 PM

Cronos Group, Ginkgo Bioworks Achieve Partnership Productivity Target For CBG Acid

Cronos Group, Inc. (TSX: CRON) and Ginkgo Bioworks announced this morning that its partnership has...

Monday, August 23, 2021, 10:38:00 AM