SALT LAKE CITY, Sept. 30, 2016 (GLOBE NEWSWIRE) — LifeVantage Corporation (NASDAQ:LFVN) announced today that in connection with the Company’s previously announced delay in the filing of its fourth quarter and fiscal year 2016 financial results, on September 29, 2016, it received a letter from NASDAQ stating the Company is not in compliance with Listing Rule 5250(c)(1). This rule requires NASDAQ listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.
The NASDAQ notification has no immediate effect on the listing of LifeVantage’s common stock. The letter specifies that, under NASDAQ rules, the Company has 60 calendar days from receipt of the letter to submit a plan to regain compliance with this listing requirement. The Company’s common stock will continue to trade on the NASDAQ Capital Market pending NASDAQ’s review of the plan of compliance.
As previously announced on September 13, 2016, the Audit Committee of the Company’s Board of Directors is conducting an independent review of sales of the Company’s products in certain international markets, not including Japan, and the determination of revenue and the deductibility of commission and incentive expenses associated with such sales, as well as the policies and procedures related to sales in those specific markets. The Audit Committee, working with independent counsel it has retained, is working diligently to address the situation. Once complete, the Company intends to file its Form 10-K for fiscal year 2016 with the SEC as soon as reasonably practicable.