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PetMed Express, Inc. (NASDAQ:PETS), currently trading at $3.16 with a market capitalization of $65 million, announced Monday that it received a notice from the Nasdaq Stock Market due to a delay in filing its required financial reports with the U.S. Securities and Exchange Commission. The company’s stock has declined nearly 30% over the past six months, according to InvestingPro data.
According to a statement based on a recent SEC filing, PetMed Express has not yet filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, nor its Quarterly Report on Form 10-Q for the period ended June 30, 2025. As a result, the company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely submission of all periodic financial reports. Despite these challenges, InvestingPro analysis shows the company maintains strong liquidity with more cash than debt on its balance sheet and a healthy current ratio of 1.43.
Nasdaq’s notice, received August 20, states that PetMed Express has until September 1, 2025, to submit a plan to regain compliance. This deadline is 60 days from the initial Nasdaq letter dated July 2, 2025, regarding the late filing of the company’s annual report. If Nasdaq accepts the company’s plan, PetMed Express may be granted up to 180 calendar days from the original due date of the annual report, or until December 29, 2025, to meet the listing requirements.
The company said the notice has no immediate effect on the listing or trading of its common stock on Nasdaq. Based on InvestingPro’s Fair Value analysis, the stock appears to be currently undervalued, with 12 additional ProTips available to subscribers providing deeper insights into the company’s financial health and market position.
PetMed Express stated it is working to complete the outstanding filings and intends to submit them as soon as possible to regain compliance. The company did not provide a specific timeline for when the reports would be filed.
This information is based on a statement from the company’s SEC Form 8-K filed Monday.
In other recent news, PetMed Express has been navigating significant changes and challenges. The company disclosed preliminary fourth-quarter results, indicating a notable decline in sales, estimated between $51.1 million and $53.1 million, compared to $66.5 million in the same period last year. Additionally, PetMed Express projects a quarterly net loss ranging from $9.9 million to $10.4 million, a sharp contrast to the $5.0 million loss reported in the previous year. Compounding these financial challenges, both CEO Sandra Campos and CFO Robyn D’Elia have resigned, prompting Board Chair Leslie C.G. Campbell and Chief Accounting Officer Douglas Krulik to step in as interim executives. The company is actively seeking permanent replacements for these key positions.
Moreover, PetMed Express has received a Nasdaq non-compliance notice due to its delayed annual report filing, which stems from an ongoing whistleblower investigation into revenue recognition practices and other internal issues. Despite these hurdles, the company has until September 1 to submit a compliance plan to Nasdaq, potentially extending the deadline to December 29. These recent developments highlight a period of transition and scrutiny for PetMed Express as it addresses both leadership changes and regulatory compliance challenges.
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