DELRAY BEACH, Fla. - PetMed Express, Inc. (NASDAQ:PETS), a leading pet pharmacy, has received a notice from The Nasdaq Stock Market LLC on Monday, indicating that the company is currently not in compliance with Nasdaq's Listing Rule 5250(c)(1). This rule requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission (SEC).
The notice was issued due to PetMed Express's failure to file its Form 10-Q for the fiscal quarter ended December 31, 2023, on time. The company had previously filed a Notification of Late Filing on Form 12b-25 on February 9, 2024, stating that it could not file the report by the prescribed due date without unreasonable effort or expense. The delay is attributed to the restatement of certain financial statements, further detailed in the company's Current Report on Form 8-K filed with the SEC on February 8, 2024.
While the notice does not immediately affect the listing or trading of PetMed Express's common stock on the Nasdaq, the company must submit a plan to regain compliance within 60 calendar days. Nasdaq may grant an extension of up to 180 calendar days from the Form 10-Q's due date, or until August 7, 2024, for the company to meet the requirements.
PetMed Express is working diligently to complete the restatement and plans to file the Form 10-Q as soon as practicable. However, the company has not provided assurances regarding the timing of the filing.
Founded in 1996, PetMed Express has established itself as a trusted provider of pet medications, food, health services, and other products.
The information in this article is based on a press release statement from PetMed Express, Inc.
InvestingPro Insights
In light of PetMed Express's current challenges with Nasdaq's Listing Rule compliance, a closer look at the company's financial health and market performance may offer investors additional context. According to real-time data from InvestingPro, PetMed Express holds a market capitalization of $108.03 million, which reflects the company's valuation in the current market. Despite recent setbacks, the company's gross profit margin remains robust at 27.8% for the last twelve months as of Q2 2024, indicating a solid ability to generate profit from its revenues.
InvestingPro Tips suggest that PetMed Express holds more cash than debt on its balance sheet, which could provide financial flexibility and stability in uncertain times. Moreover, the stock is trading at a low revenue valuation multiple, which might appeal to value investors seeking opportunities in the market. Notably, the company has maintained dividend payments for 15 consecutive years, a testament to its commitment to returning value to shareholders.
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