WTF?!

Discussion in 'Akorn' started by anonymous, Nov 7, 2015 at 8:47 PM.

Tags: Add Tags
  1. anonymous

    anonymous Guest

    4-Nov-2015

    Results of Operations and Financial Condition, Notice of Delisting or Failure to Satisfy

    Item 2.02. Results of Operations and Financial Condition.
    On November 4, 2015, Akorn, Inc. ("Akorn" or the "Company") issued a press release announcing certain financial information including liquidity balances as of the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015 and fully diluted outstanding share count for the quarterly periods ended March 31, 2015, June 30, 2015 and September 30, 2015. A copy of the press release is furnished as Exhibit 99.1 to this report, and information under the heading "Liquidity Update" is incorporated here by reference.

    Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
    As previously disclosed, on July 15, 2015, the Listing Qualifications Staff (the "Staff") of The NASDAQ Stock Market LLC ("NASDAQ") granted Akorn's request for an extension through November 9, 2015 to file the Company's delinquent periodic reports with the Securities and Exchange Commission and thereby evidence full compliance with all applicable requirements for continued listing on The NASDAQ Global Select Market. Following the Company's notice to the Staff on November 2, 2015, that Akorn did not expect to timely satisfy the terms of the Staff's extension, the Staff formally notified the Company on November 3, 2015 that, in accordance with Listing Rule 5250(c)(1) (the "Filing Requirement"), the Company's securities would be subject to suspension and delisting unless the Company timely requests a hearing before the NASDAQ Listing Qualifications Panel (the "Panel").

    The Company will request a hearing before the Panel to address the Staff's November 3, 2015 determination. The Panel will separately notify the Company once it has made a determination regarding the Company's request for an extension of the stay.
    While the Company is diligently working to regain compliance with the NASDAQ Filing Requirement, there can be no assurance that the Panel will grant the Company's request for continued listing pending its return to compliance. Pursuant to the Listing Rules, the Panel has the discretion to grant the Company an extension through early May 2016.

    Item 7.01. Regulation FD Disclosure.
    On November 4, 2015, Akorn issued a press release containing revised annual guidance using non-GAAP measures with accompanying reconciliations to GAAP. A copy of the press release is furnished as Exhibit 99.1 to this report, and the information under the heading "Updated 2015 Financial Guidance" and the related reconciliation tables are incorporated here by reference.

    The information in this Item 2.02, including exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
     

  2. anonymous

    anonymous Guest

    That is messed up!