The Salt Lake City, Utah-based company said it filed a notification of late filing form on March 31, expecting to be able to file the 10-K within the 15 days granted by the late filing form.
However, the company said it was unable to file the form on time, and needs additional time to “fully consider whether there is any potential impairment in relation to certain of its long-lived assets. Amedica said that it will file the form with the SEC “as soon as possible,” according to a press release.
The company said it has been received written notice from the NASDAQ stock market saying that it is not in compliance with its listing rules requiring it to file its annual report for the previous year, and has 60 days to submit a plan to regain compliance.
In January, Amedica priced a new public offering, looking to raise approximately $4.5 million in the round. The company looked to offer shares at 51¢, each of which include 0.45 warrants for the purchase of additional common shares.
Each full warrant offered in the round is exercisable for 1 share of common stock at an exercise price of 55¢ per share. Warrants will be exercisable immediately, and will expire 5 years from the date of issuance, according to a press release.