Laser Photonics Corporation (NASDAQ:LASE) has received an extension until June 20, 2025, to submit its delayed 10-K for FY2024 and 10-Q for Q1 2025, or provide NASDAQ with a compliance plan. The company faces potential delisting due to non-compliance with NASDAQ listing rules. The filing delays stem from LPC's $1 million acquisition of CMS assets in November 2024 through bankruptcy proceedings. NASDAQ can grant an exception until October 13, 2025, to regain compliance. Key audit review areas include CMS's historical revenue recognition practices and determination of gains from the acquired assets' valuation as of December 31, 2024.
Laser Photonics Corporation (NASDAQ:LASE) ha ottenuto una proroga fino al 20 giugno 2025 per presentare il ritardato 10-K relativo all'esercizio 2024 e il 10-Q per il primo trimestre 2025, oppure per fornire a NASDAQ un piano di conformit脿. L'azienda rischia la cancellazione dalla quotazione a causa del mancato rispetto delle regole di NASDAQ. I ritardi nelle presentazioni sono dovuti all'acquisizione da parte di LPC di asset CMS per 1 milione di dollari nel novembre 2024, tramite procedura fallimentare. NASDAQ pu貌 concedere un'eccezione fino al 13 ottobre 2025 per permettere il ritorno alla conformit脿. Le principali aree di revisione contabile riguardano le pratiche storiche di riconoscimento dei ricavi di CMS e la determinazione dei guadagni derivanti dalla valutazione degli asset acquisiti al 31 dicembre 2024.
Laser Photonics Corporation (NASDAQ:LASE) ha recibido una pr贸rroga hasta el 20 de junio de 2025 para presentar su retrasado 10-K correspondiente al a帽o fiscal 2024 y el 10-Q del primer trimestre de 2025, o para proporcionar a NASDAQ un plan de cumplimiento. La empresa enfrenta un posible retiro de la cotizaci贸n debido al incumplimiento de las normas de NASDAQ. Los retrasos en la presentaci贸n se deben a la adquisici贸n por parte de LPC de activos de CMS por 1 mill贸n de d贸lares en noviembre de 2024 mediante un proceso de bancarrota. NASDAQ puede otorgar una excepci贸n hasta el 13 de octubre de 2025 para recuperar el cumplimiento. Las 谩reas clave de revisi贸n de la auditor铆a incluyen las pr谩cticas hist贸ricas de reconocimiento de ingresos de CMS y la determinaci贸n de las ganancias derivadas de la valoraci贸n de los activos adquiridos al 31 de diciembre de 2024.
Laser Photonics Corporation (NASDAQ:LASE) a obtenu une extension jusqu'au 20 juin 2025 pour soumettre son rapport 10-K en retard pour l'exercice 2024 et le 10-Q pour le premier trimestre 2025, ou fournir 脿 NASDAQ un plan de conformit茅. La soci茅t茅 risque une radiation en raison du non-respect des r猫gles de cotation NASDAQ. Les retards de d茅p么t sont dus 脿 l'acquisition par LPC d'actifs CMS d'une valeur de 1 million de dollars en novembre 2024 dans le cadre d'une proc茅dure de faillite. NASDAQ peut accorder une exception jusqu'au 13 octobre 2025 pour permettre le r茅tablissement de la conformit茅. Les principaux points d'examen de l'audit concernent les pratiques historiques de reconnaissance des revenus de CMS et la d茅termination des gains issus de l'茅valuation des actifs acquis au 31 d茅cembre 2024.
Die Laser Photonics Corporation (NASDAQ:LASE) hat eine Fristverl盲ngerung bis zum 20. Juni 2025 erhalten, um ihren versp盲teten 10-K-Bericht f眉r das Gesch盲ftsjahr 2024 und den 10-Q-Bericht f眉r das erste Quartal 2025 einzureichen oder NASDAQ einen Compliance-Plan vorzulegen. Das Unternehmen droht die Delistung aufgrund der Nichteinhaltung der NASDAQ-Listing-Regeln. Die Verz枚gerungen bei den Einreichungen resultieren aus dem Erwerb von CMS-Verm枚genswerten im Wert von 1 Million US-Dollar durch LPC im November 2024 im Rahmen eines Insolvenzverfahrens. NASDAQ kann eine Ausnahme bis zum 13. Oktober 2025 gew盲hren, um die Einhaltung wiederherzustellen. Wichtige Pr眉fungsbereiche sind die historischen Umsatzerfassungspraxis von CMS und die Ermittlung der Gewinne aus der Bewertung der erworbenen Verm枚genswerte zum 31. Dezember 2024.
Positive
NASDAQ has granted an extension until June 20, 2025 to submit filings or compliance plan
Company can potentially receive up to 180 days (until October 13, 2025) to regain compliance
Strategic acquisition of CMS assets for $1 million through bankruptcy proceedings
Negative
Risk of NASDAQ delisting due to non-compliance with listing rules
Delayed filing of both 10-K (FY2024) and 10-Q (Q1 2025)
Ongoing audit issues related to CMS acquisition and revenue recognition practices
Insights
LASE faces NASDAQ delisting risk due to missed financial filings; extension granted until June 20 to resolve audit complications from recent acquisition.
Laser Photonics finds itself in a precarious regulatory situation with NASDAQ after failing to file both its 2024 annual report (10-K) and Q1 2025 quarterly report (10-Q). The exchange has granted a brief extension until June 20, 2025, for the company to either submit these overdue filings or provide a compliance plan. This represents a critical juncture for the company's continued listing status.
The root cause appears to be complications stemming from the company's $1 million acquisition of CMS assets in November 2024 through bankruptcy proceedings. Two specific accounting matters are under review: auditing CMS's historical revenue recognition practices and determining appropriate valuation gains for the acquired assets. These complexities emerged at a particularly challenging time - just six weeks before fiscal year-end.
While NASDAQ can potentially extend the compliance period up to 180 days from the initial missed filing (until October 13, 2025), this situation creates substantial uncertainty. Serial reporting failures like this trigger heightened regulatory scrutiny and often signal deeper accounting challenges that could materially impact financial statements. The lack of current financial information creates a significant information vacuum for stakeholders attempting to evaluate the company's position.
The specific mention of reviewing revenue recognition practices and asset valuation from a bankruptcy-derived acquisition raises particular concerns, as these areas frequently involve complex accounting judgments with material financial statement implications. Until these filings are completed, investors face an incomplete picture of the company's financial health and performance trajectory.
ORLANDO, FL / / June 16, 2025 / ("LPC" or "the Company") (NASDAQ:LASE), a leading global industrial developer of for laser cleaning and other applications, today announced that it has received an extension until the close of business on June 20, 2025, to submit its 10-K for the period ended December 31, 2024, and its 10-Q for the period ended March 31, 2025, or provide NASDAQ with a plan to regain compliance. The Company continues to work closely with its auditors to resolve the outstanding issues and file these reports as expeditiously as possible.
On May 22, 2025, it received a notice from Nasdaq Listing Qualifications department of the Nasdaq Stock Market LLC ("Nasdaq") stating that since it had not received the Company's Form 10-Q for the period ended March 31, 2025 ("1Q25"), and because the Company remains delinquent in filing its Form 10-K for the period ended December 31, 2024 (the "Initial Delinquent Filing"), the Company does not comply with Nasdaq's Listing Rules for continued listing. Nasdaq stated that in accordance with its letter dated April 16, 2025, the Company has until June 16, 2025, to submit a plan to regain compliance with respect to these delinquent reports. Nasdaq can grant an exception to allow the Company to regain compliance up to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or October 13, 2025.
The delays in filing the 10-K for 2024 have caused delays to filing the 10-Q for 1Q25 and are primarily due to LPC's acquisition of certain assets of CMS in November 2024 (the "November Transaction"), approximately six weeks before the end of LPC's fiscal year, for approximately $1 million out of the bankruptcy proceedings of CMS's former parent company. LPC is actively working with its independent auditor to address outstanding matters and complete the filing of its Form 10-K as quickly as possible. Concurrently, the Company is preparing to file its 10-Q for 1Q25. The key areas under review for the audit are:
The audit of CMS's historical revenue recognition practices under prior ownership prior to the November Transaction
The determination of a gain associated with the December 31, 2024, valuation of the acquired CMS assets, based on their performance since the November Transaction.
About Laser Photonics Corporation Laser Photonics is a vertically integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. Laser Photonics seeks to disrupt the $46 billion, centuries-old sand and abrasives blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications.As a result, Laser Photonics has gained a reputation as a leader in industrial laser systems with a brand that stands for quality, technology and product innovation. Currently, world-renowned and Fortune 1000 manufacturers in the , , , , , , and industries are using Laser Photonics' "unique-to-industry" systems. For more information, visit .
Cautionary Note Concerning Forward-Looking Statements This press release contains "forward-looking statements" (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended), including statements regarding the Company's plans, prospects, potential results and use of proceeds. These statements are based on current expectations as of the date of this press release and involve a number of risks and uncertainties, which may cause results and uses of proceeds to differ materially from those indicated by these forward-looking statements. These risks include, without limitation, those described under the caption "Risk Factors" in the Registration Statement. Any reader of this press release is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release except as required by applicable laws or regulations.
Investor Relations and Media Contact:
Brian Siegel, IRC庐, M.B.A. Senior Managing Director Hayden IR (346) 396-8696 [email protected]
SOURCE: Laser Photonics Corp.
View the original on ACCESS Newswire
FAQ
Why is Laser Photonics (LASE) at risk of being delisted from NASDAQ?
LASE is at risk of delisting for failing to file its 10-K for FY2024 and 10-Q for Q1 2025 on time, which violates NASDAQ's continued listing rules.
What is the deadline for Laser Photonics to regain NASDAQ compliance?
LASE has until June 20, 2025, to submit its delayed filings or provide a compliance plan, with a possible extension up to October 13, 2025.
What caused the delay in Laser Photonics' financial filings?
The delays are primarily due to LPC's $1 million acquisition of CMS assets in November 2024 and related audit reviews of historical revenue recognition practices and asset valuation.
What options does NASDAQ provide for Laser Photonics to maintain its listing?
NASDAQ can grant an exception allowing up to 180 calendar days from the initial delinquent filing due date (until October 13, 2025) for the company to regain compliance.
What specific issues are under audit review for LASE?
The key audit areas include reviewing CMS's historical revenue recognition practices and determining gains from the December 31, 2024 valuation of acquired CMS assets.
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