Nasdaq has notified Bed Bath & Beyond with a warning that it “is not in compliance with the requirements for continued listing”, Retail Dive Reports.
In case you were unaware, Nasdaq is the second-largest stock exchange in the world.
Bed Bath & Beyond has failed to file its 10-Q quarterly report on time, and the company now has 60 days from the notice date to submit a plan to regain compliance. It’s up to Nasdaq to whether or not to accept the plan.
A Q-10 report is a report that all public companies must submit after the end of each of their first 3 fiscal quarters.
Nasdaq requires companies that receive notice of deficiencies, delisting determinations or public reprimand letters to publicly disclose that they are out of compliance with the stock market’s listing requirements. In other words, this isn’t a good look for Bed Bath & Beyond.
This is yet another setback for the retailer, which has already been struggling financially. Bed Bath & Beyond has notified in the recent past that continuing business is a concern, and might need to file for bankruptcy.
So what does all this mean? Although Nasdaq’s compliance warning has no immediate effect on listings and tradings of Bed Bath & Beyond’s common stock with the company, it is a negative setback with negative financial implications, Retail Dive reports.
Hopefully, Bed Bed & Beyond can recover quickly from this blow.
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