Usana Health Sciences Inc. said Wednesday that Nasdaq has notified it that its quarterly report on Form 10-Q is considered incomplete because the financial information in the form was not reviewed by an independent auditor.
Nasdaq told the Salt Lake-based company that its shares are subject to delisting. However, because the company has asked for a hearing before the Nasdaq Listing Qualifications Panel, its securities will remain listed until a final determination by the panel.
Usana said it was unable to file a compliant Form 10-Q because its former independent registered public accountant resigned on July 10 and the timing of the resignation prevented it from hiring a new independent registered public accountant to review the financial statements included in the form before it was filed.
Usana develops and manufactures nutritional and personal-care products.