Indiana-based Stevia Corp. has been moved to the over-the-counter (OTC) Pink Sheets after missing the deadline for its 10-K filing, the company said in a release.
The 10-K must be filed with the SEC each year, and typically contains much more detail than a company’s annual report. By law, it must be filed within 60 days after the end of each fiscal year. While Stevia sought and received an extension to June 30, it also failed to meet that deadline, the release noted.
If the company files its 10-K by Aug. 29, 2015, the OTCQB will automatically readmit it for trading on the next business day; otherwise Stevia will be required to submit a new OTCQB certification for review and approval. The company said it “is not aware of material matters that will prevent the 10-K from being filed byAug. 29th.”
Explaining the delays, George Blankenbaker, Stevia’s president, said: “Our expansion in Asia and increased revenue created more complexity and requires more diligence for the annual audit which the company is addressing.”
Stevia is in the process of streamlining its operations to focus on the higher margin downstream business in Asia and commercialization of industrial hemp in the U.S., Blankenbaker added.