The Kraft Heinz Company received another standard notice from NASDAQ, with the most recent notice stating that the company failed to file its quarterly report on Form 10-Q for the quarter ending March 30, 2019 with the U.S. Securities and Exchange Commission (SEC) in a timely manner. Therefore, Kraft Heinz is not in compliance with NASDAQ Listing Rule 5250(c)(1).
Earlier in the year, the company got a similar notice for not filing its annual report on Form 10-Q for the year ended December 29, 2018, with the SEC.
Rule 5250(c)(1), requires timely filing of periodic financial reports with the Securities and Exchange Commission.
Kraft Heinz, in a press release, stated that it has submitted a plan to regain compliance to NASDAQ and in the notice received on May 17, 2019. NASDAQ also notified Kraft Heinz that it had been granted until September 11, 2019 to regain compliance by filing the Form 10-K and Form 10-Q and complying with certain other terms outlined in the notice.
Kraft Heinz further stated in the press release it currently expects to cooperate with Nasdaq to comply with such terms.
The two notices do not have any immediate effect on the listing or trading of Kraft Heinz common stock.
Kraft Heinz, the parent company of Oscar Mayer and Lunchables, is the sixth largest turkey company in the United States. According to the WATTAgNet Top Poultry Companies Database, Kraft Heinz slaughtered an estimated 332 million pounds of live turkeys in 2018, a decrease of 33 million pounds – or about 9 percent – from 2017.
The company recently appointed Miguel Patricio to become its new CEO, effective July 1. Patricio, who most recently worked in leadership roles with InBev, is to succeed Bernardo Hees as CEO. Hees, who lead the merger of Kraft Foods and Heinz in 2015, is remaining with the company through June 30 to ensure a seamless transition.
