(RTTNews) - Singapore-based Basel Medical Group Ltd. (BMGL) has been issued a delinquency notification by the Nasdaq as its annual report on Form 20-F for the fiscal year ended June 30, 2025, is incomplete.
The company's annual report on Form 20-F filed with the United States Securities and Exchange Commission (SEC) on November 18, 2025, did not include an opinion from its auditor, NLA DFK Assurance PAC, on the financial statements, leading to the delinquency notification.
As per the 5250(c)(1) rule, companies are required to timely file all required periodic financial reports with the SEC, and annual reports filed shall contain audited financial statements.
As per the Nasdaq rules, the company now has a 60 days of time period to submit the plan to regain compliance and if the plan is approved by Nasdaq, an exception of up to 180 days from the original filing's due date may be granted, or until May 18, 2026, to regain compliance.
Basel Medical commenced trading on the Nasdaq Capital Market on February 25, 2025, pricing its shares at $4.00 each. The company is a provider of general and subspecialized orthopedic and trauma services, sports medicine and surgery, orthopedic procedures, as well as neurosurgical treatments.
For the fiscal year ended June 30, 2025, the company slumped to a net loss of S$12.09 million or S$0.64 per share from a profit of S$2.07 million or S$0.13 per share in the prior year. However, the company's sales for the fiscal year 2025 increased to S$11.32 million from S$10.05 million a year ago.
On Monday, the BMGL shares had closed 2.52% lower at $1.14 on the Nasdaq.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
