Dive Brief:
- Veradigm won’t be delisted from Nasdaq as long as the healthcare IT company complies with financial reporting requirements by Feb. 27, according to a new filing with the Securities and Exchange Commission.
- The company, formerly known as Allscripts, was warned that it could be delisted after the company failed to file its annual report for 2022 as well as quarterly reports for the first, second and third quarters this year.
- The news comes after Veradigm announced late last week that the company had asked for and received the resignations of its chief executive and chief financial officers.
Dive Insight:
Chicago-based Veradigm received notice in September that it would be delisted from Nasdaq for not filing timely, periodic financial reports with federal regulators.
The company had previously said it had been unable to complete the filings due to internal control failures stemming from accounting problems and a software tool it used to comply with Financial Accounting Standards Board requirements.
Veradigm appealed the stock exchange’s decision and requested a hearing, which was conducted in mid-November. The Nasdaq Hearings Panel determined that Veradigm could continue trading, as long as the company comes into compliance by late February and meets other interim milestones.
Veradigm plans to file its reports “as soon as possible,” the SEC filing said.
The company’s CEO and CFO stepped down from their roles last week. The company’s current director, Shih-Yin Ho, will take over as interim CEO, and Lee Westerfield will serve as interim CFO as Veradigm searches for permanent replacements.
