The New York Stock Exchange notified Independence Holding Co. that it is not in compliance with the exchange's continued listing requirements after it failed to file its 2016 Form 10-K on time.
Independence Holding delayed its Form 10-K filing because it changed its auditor in late 2016 and had to finalize the testing of its internal controls. Its management completed the assessment of internal controls, but the company was unable to file its annual report by the extended deadline because it is still working on responding to the requests for information that its auditor, RSM US LLP, needs to complete the report.
Under NYSE rules, Independence Holding will have six months from the due date to file its Form 10-K with the U.S. Securities and Exchange Commission. The company can regain compliance if it files before the compliance deadline, which it expects to meet. The exchange may extend the compliance deadline by up to six additional months or commence delisting proceedings at any time.