CHICAGO - Cosmos Health Inc. (NASDAQ:COSM), a global healthcare group, announced it has regained compliance with Nasdaq's Listing Rule 5250(c)(1) after filing its overdue 2023 Annual Report and the first quarter results for 2024. The company had received notifications from Nasdaq earlier this year, indicating it did not meet the periodic filing requirement, which has now been resolved following the recent submissions.
On April 17 and May 21, Cosmos Health was informed by Nasdaq that it was out of compliance due to delayed filings. The company rectified the situation by submitting its Annual Report on August 5 and the First Quarter Report on August 19. This action brought Cosmos back in line with Nasdaq's requirements, closing the matter.
CEO Greg Siokas expressed satisfaction with the achievement, highlighting that Cosmos Health is now fully compliant with all Nasdaq listing requirements, including the Minimum Bid Price Rule, which was met earlier in July.
Cosmos Health, established in 2009, operates in various healthcare sectors, including the ownership of pharmaceutical and nutraceutical brands, manufacturing under European GMP, and distribution through subsidiaries in Greece and the UK. The company also engages in R&D for health disorders and has recently expanded into telehealth with the acquisition of ZipDoctor, Inc.
The company's forward-looking statements indicate plans for further expansion and development of proprietary products, while also acknowledging risks such as the need for financing, the ongoing COVID-19 pandemic, and geopolitical events like the war in Ukraine which could impact business operations.
This news is based on a press release statement and provides an update on Cosmos Health's regulatory status with the Nasdaq Stock Market.
In other recent news, Cosmos Health Inc. has maintained its distribution rights for mpox virus PCR detection kits in Europe, following a public health emergency declaration by the World Health Organization. The company has also initiated sales of its C-Scrub product in the German market, tapping into a projected $1.05 billion market by 2030. In addition, Cosmos Health has secured a distribution partnership with ProMed Trading Company for the Sky Premium Life supplement range in Qatar.
Cosmos Health's subsidiary, Cana Laboratories, has completed the first phase of manufacturing upgrades, potentially generating over $10 million in annual gross profit at full capacity by 2025. The company also announced new contracts with Provident Pharmaceuticals for the production of several pharmaceutical products, totaling 5.02 million units.
However, Cosmos Health has received multiple delinquency notices from Nasdaq for failing to submit its annual and quarterly reports on time. CEO Greg Siokas has expressed the company's commitment to rectify the situation and submit a definitive compliance plan to Nasdaq soon. These are recent developments in Cosmos Health's journey.
InvestingPro Insights
As Cosmos Health Inc. (NASDAQ:COSM) navigates its way back into compliance with Nasdaq's listing requirements, investors may be observing the company's financial health and market performance closely. According to InvestingPro data, Cosmos Health currently has a market capitalization of approximately $22.52 million. The company's financial metrics show a significant return over the last three months, with a price total return of 87.16%, underscoring a period of notable market performance.
InvestingPro Tips suggest that while Cosmos Health has had a strong return recently, it is quickly burning through cash and suffers from weak gross profit margins, with only 8.05% as of the last twelve months ending Q2 2024. Analysts are not optimistic about the company's profitability in the short term, as they do not anticipate Cosmos Health will be profitable this year. This aligns with the company's basic and diluted EPS (Continuing Operations) standing at -1.9 USD, reflecting challenges in achieving earnings growth.
For investors seeking a deeper analysis of Cosmos Health's financial standing and future prospects, there are additional InvestingPro Tips available at: https://www.investing.com/pro/COSM. These tips provide a comprehensive look at the company's financial health and market potential, offering valuable insights for making informed investment decisions.
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