Attis Industries provides update on status of Nasdaq listing
Attis Industries announced that Nasdaq has informed the company by letter that it is not in compliance with Nasdaq's filing requirements set forth in Listing Rule 5250(c)(1) because it has failed to file its quarterly report on Form 10-Q for the period ending June 30, 2019. The Nasdaq letter has no immediate effect on the listing or trading of the company's common stock or registered warrants. The delay in the company's filings is a result of efforts to continue to assess the accounting related to certain historical transactions that took place in 2017 and the first half of 2018, and the company believes it is important that the aforementioned transactions are presented accurately to its shareholders. The company has benefited from these transactions through the acquisition of valuable intellectual property and licenses related to ethanol coproduct technology and absorbing an engineering team with extensive process and civil engineering experience in the green technology market; however, the process of quantifying certain fair values within these transactions has proven extremely labor-intensive and time-consuming. The company is continuing to work diligently with its independent accounting firm to expediently complete filing with the SEC of the company's required periodic reports. The company believes that once it has become current in the filing of its periodic reports, it will be able to obtain financing on more favorable terms.