AMMO, Inc. received an additional deficiency notification letter from The Nasdaq Stock Market LLC on February 19, 2025. This notice indicated continued non-compliance with Nasdaq Listing Rule 5250(c)(1) due to the company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2024.
The delay is attributed to the Audit Committee's determination that financial statements for certain historical periods must be restated. Additionally, an independent investigation conducted by a law firm retained by a Special Committee of the Board of Directors is still ongoing, contributing to the reporting delays.
The company has until March 6, 2025, to submit an updated plan to regain compliance with the Listing Rule. If accepted, Nasdaq may grant an exception of up to 180 calendar days from the initial delinquent filing's due date, or until May 19, 2025, to regain compliance.
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