- urban-gro, Inc. (UGRO, Financial) received a Nasdaq non-compliance notice for missing its 2024 annual report filing deadline.
- No immediate threat to UGRO's Nasdaq listing; compliance plan submission deadline is June 16, 2025.
- Financial restatements and staffing turnover caused the delay; restated financials filed by February 2025.
urban-gro, Inc. (UGRO), a firm specializing in professional services and Design-Build solutions, announced on April 16, 2025, receiving a non-compliance notification from Nasdaq. This was due to the company failing to file its Annual Report on Form 10-K for the fiscal year ending December 31, 2024, as required by Nasdaq Listing Rule 5250(c)(1).
The delay in filing was mainly attributed to the need to restate previous financial statements due to accounting errors concerning deferred tax liabilities from historical share-purchase acquisitions, coupled with turnover within the company's finance department. Despite these challenges, urban-gro successfully completed and filed the restated financial statements by February 19, 2025.
This non-compliance notice does not immediately impact UGRO's listing on the Nasdaq Capital Market. The company is required to submit a compliance plan to Nasdaq by June 16, 2025. Should Nasdaq accept the plan, urban-gro may be granted an extension up to October 13, 2025, to regain full compliance. The company is diligently preparing to file the 10-K as quickly as possible to adhere to these deadlines.
