The Nasdaq Stock Market LLC has accepted a plan by surgical device maker Misonix Inc. that would allow it to avoid having its stock delisted from the Nasdaq Global Market, the company said in a news release Monday.
In September, the Farmingdale company received a letter from Nasdaq indicating that its failure to file timely reports with the Securities and Exchange Commission violated terms required for continued listing.
Under terms of the plan approved by Nasdaq, Misonix must file its annual report that was due Sept. 13 and its quarterly report that was due on Nov. 9 on or before March 13, 2017.
Misonix, which filed the news release with the SEC at 4:16 p.m. Monday, didn’t respond to a request for further comment.
An internal investigation by Misonix revealed issues about the accuracy of its financial reporting and possible violations of the Foreign Corrupt Practices Act.
In a September SEC filing, the company said it may have been aware of practices by a distributor in China that violate laws barring Americans from bribing foreign government officials. The laws also require companies to maintain accounting systems that would reveal bribery.
Shares of Misonix gained 3.3 percent Monday, and a further 1.6 percent Tuesday to close at $9.60. The company’s shares have gained 2.1 percent year-to-date.
Misonix makes ultrasonic devices used in spine, cosmetic and orthopedic surgery.