Marrone faces Nasdaq delisting
The US biopesticide company, Marrone Bio Innovations (MBI - Davis, California), faces delisting from the Nasdaq stock exchange on May 28th unless it receives an extension for submitting financial reports pending a hearing set for June 18th. The company requested a hearing by the Nasdaq listing qualifications panel on May 13th and was granted a 15-day stay of delisting action after failing to submit its financial results for the first quarter of 2015. Marrone has not submitted financial reports since the second quarter of 2014 following an investigation into an $870,000 transaction in the fourth quarter of 2013. It subsequently concluded that reports on the first quarter and first half of 2014 could not be relied upon. A complex examination of sales on a customer-by-customer basis is being carried out and Marrone is unable to say when it will be able to restate its accounts. The listing qualifications panel has the authority to continue the company's listing on the Nasdaq until November 2nd, MBI points out.