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Misonix misses SEC deadline, receives letter from Nasdaq

Misonix Headquarters on New Highway in Farmingdale, Monday,

Misonix Headquarters on New Highway in Farmingdale, Monday, Dec. 19, 2016. Credit: Steve Pfost

Farmingdale surgical device maker Misonix Inc. received a deficiency letter from the Nasdaq Stock Market after it missed two deadlines in a row to file its quarterly reports, the company reported this week.

Misonix has missed its Feb. 9 deadline to file its latest quarterly report with the Securities and Exchange Commission, and it also failed to file the report within a five-day grace period. The quarter ended Dec. 31.

The company previously failed to file a report for the quarter that ended Sept. 30, and it was late in submitting its most recent annual report.

The letter from Nasdaq “has no effect” on the company’s listing on the exchange at this time, Misonix said in a news release Monday.

In November, Nasdaq accepted a plan by the company to avoid having its stock delisted from the Nasdaq Global Market. At the time, the company had missed deadlines to file its annual report for the fiscal year that ended June 30, and its first-quarter report. The plan required Misonix to file the two overdue reports by March 13.

Misonix filed its annual report on Feb. 9, and it expects to file its two late quarterly reports by the March 13 deadline, the company said.

The company is required to submit an update to its original compliance plan with Nasdaq by Feb. 27.

Misonix reported last year that an internal investigation uncovered problems with the accuracy of its financial reporting and possible violations of the Foreign Corrupt Practices Act.

In an SEC filing in September, Misonix said it may have been aware of practices by a distributor in China that violated laws prohibiting Americans from bribing foreign government officials. The laws also mandate that companies maintain accounting systems that would reveal bribery.

The company’s stock price was unchanged at $9.50 Wednesday. Over the past 12 months, the stock price has climbed by $3.67, or 63 percent.

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