- Laser Photonics Corporation (LASE, Financial) received a Nasdaq non-compliance notice due to a delayed Form 10-K filing for fiscal year ending December 31, 2024.
- The delay is linked to audit procedures following the acquisition of Control Micro Systems (CMS) assets in November 2024 for approximately $1 million.
- LASE has 60 days to submit a compliance plan, eligible for extension until October 13, 2025, if accepted by Nasdaq.
Laser Photonics Corporation (LASE), based in Orlando, Florida, has announced receipt of a non-compliance notice from Nasdaq on April 16, 2025. This notice is due to the company's failure to file its Form 10-K for the fiscal year ending December 31, 2024, primarily stemming from audit intricacies related to its acquisition of certain assets from Control Micro Systems (CMS) in November 2024.
The acquisition, which was finalized approximately six weeks before the close of fiscal 2024, cost the company around $1 million through a bankruptcy proceeding of CMS’s former parent company. The primary areas of audit focus include evaluating CMS's historical revenue recognition practices and assessing the gain linked to the valuation of the acquired assets as of December 31, 2024.
As a result of the acquisition, as of March 17, 2025, Laser Photonics collected $1.7 million from CMS receivables and recorded nearly $3 million in new orders. The company is actively collaborating with its independent auditor to resolve outstanding audit matters and expedite the filing process.
LASE now faces a 60-day window to submit a compliance plan to Nasdaq. If the plan is approved, Nasdaq could allow up to 180 additional days, until October 13, 2025, to regain compliance, with further periodic filings required by that deadline.
