NutraMax
This article was originally published in The Tan Sheet
Executive Summary
OTC private labeler faces threatened delisting of its common stock by NASDAQ for delayed reporting of third quarter and nine-month financial results for the periods ended July 3. NASDAQ informed the Gloucester, Mass.-based company it must satisfy continued listing criteria. Any delisting has been stayed pending a NutraMax-requested hearing, expected to occur in the next several weeks. The company says a physical inventory and additional accounting procedures have delayed reporting of its results (1"The Tan Sheet" Aug. 30, p. 14)
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NutraMax
OTC private labeler will delay reporting its third quarter and nine-month results for the period ended July 3 while the company undertakes a physical inventory and additional accounting procedures "to obtain reliable and precise information." The delay results from its audit, which determined the firm could not "satisfactorily reconcile and verify its inventory and certain other accounts." NutraMax "expects that adjustments to its financial statements and restatements of its accounts for prior period are likely." Additionally, the company is in discussions with lenders because it is not in compliance with "certain covenants under its agreement with senior and subordinated lenders." Gloucester, Mass.-based NutraMax is seeking amendments or waivers to those agreements
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