Youngevity, a publicly traded MLM firm underneath the inventory code YGYI, has been delisted by The Nasdaq Inventory Market.
The choice follows a listening to by NASDAQ, discovering that Youngevity did not adjust to submitting necessities.
As per a November nineteenth Youngevity press-release, Youngevity did not file it’s annual 2019 report, in addition to stories for the primary two quarters of 2020.
On account of the Panel’s choice, Nasdaq will droop buying and selling within the Firm’s securities efficient on the open of enterprise on Friday, November 20, 2020 and indicated that it intends to file a Type 25 Notification of Delisting with the Securities and Change Fee (the “SEC”).
Why Youngevity is behind with their monetary filings is a thriller.
Steve Wallach, CEO of Youngevity Worldwide, Inc said, “We’re within the means of making ready a shareholder communication letter which is able to present an replace on latest progress that has been made on the Firm together with enterprise highlights, and our plan to change into present in our monetary reporting and relist on Nasdaq or one other nationwide securities change.”
Final month Youngevity’s long-standing accounting auditor give up.
Mayer Hoff McCann, who had labored with Youngevity since 2011, claimed ‘the inner controls needed for Youngevity to develop dependable consolidated monetary statements don’t exist’,
Due to this, the agency said it might ‘not be capable of depend on administration’s representations.’
Maybe there’s a clue or two in that.