Attis Industries receives notice from Nasdaq, issues business update
Attis Industries received a notification letter from The Nasdaq Capital Market that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the company did not timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2018 with the SEC. As previously reported, the company was unable to complete and file the Form 10-Q timely because is still in the process of compiling required information to complete the Form 10-Q and its independent registered public accounting firm requires additional time to complete its review of the financial statements for the period ended September 30, 2018. The company is working diligently to complete the work necessary to file the Form 10-Q and will file such report as soon as practicable. The letter from Nasdaq provides that the company has sixty calendar days from the date of the letter to submit a plan to regain compliance; however, the company anticipates filing the Form 10-Q prior to such date. Attis also announces that it paid in full, in cash, the first amortization amounts owed pursuant to the senior secured convertible notes issued on August 29, 2018, avoiding dilution, because, pursuant to the Notes, for so long as such amortization payments are made in cash, the holders of the Notes are not able to convert the amounts owed under the Notes into common stock of the company.