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ORLANDO - Laser Photonics Corporation (NASDAQ:LASE), a small-cap industrial laser systems developer valued at $31.34 million, has received an extension until June 20, 2025, to submit its overdue financial reports or provide Nasdaq with a compliance plan, the company announced Monday. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 5.38, despite recent compliance challenges.
The industrial laser systems developer must file its annual report for the period ended December 31, 2024, and quarterly report for the period ended March 31, 2025, to maintain its Nasdaq listing requirements.
According to the company, the filing delays primarily stem from its November 2024 acquisition of certain CMS assets for approximately $1 million from bankruptcy proceedings. The company cited two key areas under audit review: CMS’s historical revenue recognition practices under previous ownership and determining a gain associated with the December 31, 2024 valuation of the acquired assets.
Nasdaq had previously notified Laser Photonics on May 22 that it was not in compliance with listing rules due to the delinquent filings. The exchange can grant an exception allowing the company to regain compliance up to 180 calendar days from the initial delinquent filing’s due date, potentially extending to October 13, 2025.
Laser Photonics stated it is actively working with its independent auditor to address outstanding matters and complete the required filings as quickly as possible.
The company develops industrial laser systems for surface cleaning, rust removal, and other applications. The information in this article is based on a company press release statement.
In other recent news, Laser Photonics Corporation has been notified by Nasdaq of non-compliance due to delays in filing its financial reports. The company has yet to submit its Form 10-Q for the first quarter of 2025 and its Form 10-K for the year ending December 31, 2024, largely due to complexities arising from its acquisition of CMS assets. Laser Photonics is actively working with auditors to resolve these issues and has until June 16, 2025, to provide a compliance plan. In a separate development, Laser Photonics has secured a $1.5 million loan agreement with Agile Capital Funding, LLC, which will provide the company with additional capital for operations. Furthermore, its subsidiary, Control Micro Systems (CMS Laser), has obtained significant orders from a Fortune 500 home appliance manufacturer and a global manufacturing services provider, showcasing its capabilities in laser marking solutions. These orders involve advanced laser systems designed to enhance manufacturing efficiency and sustainability. The developments reflect the company’s ongoing efforts to strengthen its market position and operational capacity.
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