FREEHOLD, N.J. - Avalon GloboCare Corp. (NASDAQ: ALBT), a healthcare company specializing in cell-based technology and diagnostics, has been notified by Nasdaq of non-compliance with its listing rules due to a delay in filing its quarterly report. The company disclosed today that it received the notice on May 22, 2024, after failing to file its financial statements for the quarter ending March 31, 2024.
The notice from Nasdaq does not immediately affect Avalon GloboCare's stock trading on the Nasdaq Capital Market. However, the company must submit a compliance plan by July 22, 2024. If Nasdaq accepts the plan, Avalon could be given until November 18, 2024, to file the overdue report and regain compliance.
Avalon GloboCare is actively working to complete its quarterly report and intends to file it as soon as possible. The company has stated that this announcement is in line with Nasdaq Listing Rule 5810(b), which mandates timely public communication of any deficiency notification.
The company, which is in the commercial stage, focuses on the development and delivery of precision diagnostics and clinical laboratory services. Its portfolio includes a variety of diagnostic tests, including drug testing, toxicology, and bloodwork.
This news comes amid the company's efforts to establish a significant presence in the field of innovative diagnostic testing, leveraging proprietary technology for precise genetic-driven results.
Avalon GloboCare has not provided a specific timeline for when the filing will occur but affirms its commitment to resolving the issue promptly. The delay in filing and subsequent notification from Nasdaq are subject to factors that may be beyond the company's control, including the completion of financial statement reviews and responses to Nasdaq inquiries.
InvestingPro Insights
Avalon GloboCare Corp. (NASDAQ: ALBT) has recently faced challenges reflected in its market performance and financial metrics. According to InvestingPro data, the company has a market capitalization of 3.28 million USD, which places it among the smaller cap companies in the healthcare sector. This size could potentially make it more susceptible to market volatility, as indicated by an InvestingPro Tip that highlights the stock's tendency to trade with high price volatility.
Financially, Avalon GloboCare has faced difficulties, with a negative P/E ratio of -0.19 for the last twelve months as of Q4 2023. This suggests that the company has not been profitable over the past year, a point underscored by another InvestingPro Tip that notes the company's lack of profitability in the same timeframe. Additionally, the company's revenue growth has been negative, with a staggering -732.09% revenue growth over the last twelve months as of Q4 2023, which may raise concerns about its financial trajectory and its ability to fund ongoing operations and growth initiatives.
Investors should also be aware that Avalon GloboCare does not pay dividends, which might be a consideration for those seeking income-generating investments. The company's stock price has significantly declined over various periods, including a -85.26% one-year total return as of mid-2024, further emphasizing the concerns around its performance.
For those interested in a deeper analysis of Avalon GloboCare's financial health and market performance, InvestingPro offers additional insights. There are currently 9 InvestingPro Tips available for ALBT, which can be accessed at https://www.investing.com/pro/ALBT. These tips provide valuable context for the company's current situation and can aid investors in making more informed decisions. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.