The filing follows a delayed annual report from the company that came through in June, Misonix said, due to an investigation from the audit committee into “deficiencies in the company’s internal control over financial reporting.”
The investigation is ongoing, the Farmingdale, N.Y.-based company said, and “as a result, the filing of the company’s quarterly report on form 10-q for the fiscal quarter ended September 30, 2016 also will be delayed pending completion of the investigation,” according to an SEC filing.
The company said it is working to resolve the issues and intends to file both its quarterly and annual report “as promptly as reasonable practicable.”
Preliminary results fro the 1st quarter indicate revenue of $6.2 million with between $500,00 and $700,00 in losses, with revenue higher than the $5.3 million reported last year, while losses grew from the $200,000 reported in 2015. The company said it expects to see losses per share between 6¢ and 9¢.
Shares in the company lifted slightly, up 0.6% to close at $8.25.
Late last month, Misonix said its interim CEO Stavros Vizirgianakis invested $4 million into the company through the purchase of 761,469 shares at $5.25 per share.
The shares purchased are considered to be “restricted shares,” as they were acquired in a transaction not involving a public offering. The shares, therefore, cannot be sold without appropriate registration under the Securities Act of 1933, the Farmingdale, N.Y.-based company said.
The post Misonix shares slightly up despite missing Q1 filing deadline appeared first on MassDevice.
from MassDevice http://www.massdevice.com/misonix-shares-slightly-despite-missing-q1-filing-deadline/
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