PetMed Express receives non-compliance notice from Nasdaq

PetMed Express (PETS) received on July 2, an expected notice from The Nasdaq Stock Market indicating that, as a result of not having timely filed its Annual Report on Form 10-K for the fiscal year ended March 31, with the Securities and Exchange Commission, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the SEC. The Notice indicated that the Company must submit a plan to regain compliance with the Listing Rule within 60 calendar days, or until September 1, and following receipt of such plan, Nasdaq may grant an exception of up to 180 calendar days from the Form 10-K due date, or until December 29, for the Company to regain compliance. On June 16, the Company filed a Notification of Late Filing on Form 12b-25 indicating that it was unable, without unreasonable effort or expense, to file its Form 10-K by the prescribed due date because the Company is continuing to compile, review, and analyze the information necessary to complete its financial statements and related disclosures to be included in the Form 10-K, as more fully described in the Company’s Current Report on Form 8-K filed with the SEC on July 1. While the Company can provide no assurances as to timing, the Company is working diligently to complete its financial statements for its fiscal year ending March 31, and the Form 10-K and plans to file the Form 10-K as soon as practicable to regain compliance with the Listing Rule.