Veradigm Inc. Announces Receipt of Nasdaq Stay Extension
Veradigm Inc. (NASDAQ:MDRX), a leading healthcare technology company, has received a notice from Nasdaq indicating that the temporary stay of delisting for its common stock has been extended. The company will have a hearing before the Nasdaq Hearings Panel on November 16, 2023, and await the issuance of a final decision.
The initial delisting notice was received by Veradigm on September 20, 2023, due to noncompliance with Nasdaq Listing Rule 5250(c)(1). This rule requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (SEC). Veradigm had failed to file its Annual Report on Form 10-K for the year ended December 31, 2022, as well as its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, and June 30, 2023.
Veradigm appealed Nasdaq’s determination and requested a hearing before the Panel, which temporarily stayed any suspension or delisting action until October 12, 2023. The company further requested an extension of the temporary stay until the Panel issues a final decision.
Veradigm attributed the filing delays to internal control failures related to accounting processes and a software tool implemented to comply with FASB’s rule ASC 606. The company has been working diligently to address these issues, including building a new supplemental revenue system tool and performing extensive manual work to aggregate and map historical transaction data.
Despite the challenges, Veradigm remains committed to resolving these matters and expects to file the Form 10-K and Form 10-Qs during the fourth quarter of 2023. The company’s focus on delivering value through its unique combination of platforms, data, expertise, connectivity, and scale remains unwavering.
Veradigm’s Veradigm Network is a dynamic community of solutions and partners that provide advanced insights, technology, and data-driven solutions to transform healthcare. The company’s dedication to driving positive change in the industry is evident in its mission to “Transform Health, Insightfully.”
While the temporary stay of delisting may cause uncertainty, Veradigm’s ongoing efforts to address the filing delays and its commitment to compliance demonstrate its determination to overcome these challenges. The company’s ability to leverage its expertise and resources will likely contribute to a favorable outcome.
Investors and stakeholders can stay updated on Veradigm’s progress by visiting their website or following them on LinkedIn, Facebook, Twitter, and YouTube.
In conclusion, Veradigm’s temporary stay of delisting provides an opportunity for the company to present its case before the Nasdaq Hearings Panel. Despite the filing delays, Veradigm remains focused on its mission to transform healthcare through innovative solutions and data-driven insights. With its strong commitment to compliance and ongoing efforts to address internal control failures, Veradigm is well-positioned to overcome these challenges and continue delivering value to the healthcare industry.