Visionary Holdings Inc. Takes Steps to Regain Compliance with Nasdaq
Visionary Holdings Inc. Faces Nasdaq Compliance Challenge
Visionary Holdings Inc. (GV), a prominent educational institution integrating innovative technologies, has recently announced a significant update regarding its compliance status with Nasdaq. The company received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market, indicating a potential issue with compliance due to the late filing of its Annual Report on Form 20-F.
Understanding Nasdaq's Notification
The notification, received on an earlier date, highlights that Visionary Holdings Inc. failed to submit its Annual Report, which covers financial performance for the fiscal year concluded March 31. This oversight relates to Nasdaq Listing Rule 5250(c)(1), which requires timely filing of reports to maintain good standing on the exchange.
Impact on Trading Activities
Interestingly, this notice does not cause an immediate change in the trading status of the company’s shares on the Nasdaq Capital Market. However, there is a palpable concern that prolonged non-compliance could lead to delisting consequences. Therefore, Visionary Holdings Inc. is taking proactive steps to address these challenges.
Compliance Plan Submission Window
According to Nasdaq's guidelines, Visionary Holdings Inc. has a limited timeframe of 60 calendar days to devise and submit a plan aimed at regaining compliance. If accepted, the company could be granted an extension of up to 180 days, effectively allowing it until January 26 for filing the necessary reports.
Active Measures towards Compliance
In light of the notification, the team at Visionary Holdings Inc. is diligently collaborating with its independent auditor to finalize the audit of its financial statements. This process is essential for the timely preparation of the Form 20-F and is a significant part of the company's compliance strategy. They are committed to submitting a comprehensive plan within the designated timeframe, ensuring a swift compliance regaining process.
About Visionary Holdings Inc.
Visionary Holdings Inc. stands as a noteworthy private education provider with a mission to offer high-quality educational services. The company emphasizes technology-enhanced learning to cultivate a rich educational experience for both domestic and international students. With its subsidiaries operating across various educational sectors, Visionary Holdings Inc. is well-positioned to contribute positively to the educational landscape.
Frequently Asked Questions
What is the current status of Visionary Holdings Inc.'s compliance with Nasdaq?
Visionary Holdings Inc. has received a notification regarding their non-compliance due to the late filing of their Annual Report.
What steps is Visionary Holdings taking to regain compliance?
The company is actively working with its auditor to complete the necessary financial audits and intends to submit a compliance plan to Nasdaq.
How long does Visionary Holdings have to submit their compliance plan?
The company has 60 calendar days to submit a compliance plan to Nasdaq.
What would happen if Visionary Holdings fails to regain compliance?
If compliance is not regained on time, there is a risk of potential delisting from Nasdaq.
What is the primary service focus of Visionary Holdings Inc.?
Visionary Holdings provides technology-enhanced educational services for students, emphasizing quality and accessibility in education.
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