Late filing
elevated
Filing comparison
FORMULA SYSTEMS (1985) LTD told the SEC it could not file its annual report on time
(“Formula”) is the parent company and affiliate of a few companies— Matrix IT Ltd., Michpal Technologies Ltd., and TSG Advanced IT Systems, Ltd.— whose securities are publicly traded on the Tel Aviv Stock Exchange and which therefore independently prepare and file publicly their annual consolidated financial statements. In order to prepare and finalize its own consolidated financial statements, Formula needs to first review and compile final financial information received from those subsidiaries and affiliate company, which requires waiting for that information to be made available to Formula. Given the reliance of Formula on the final consolidated financial statements of Formula’s…
Evidence
- Days past due date
- 30
- Routine
- No
- Severity
- elevated
- Source
- Form 12b-25 (notification of late filing)
- Stated reason
- (“Formula”) is the parent company and affiliate of a few companies— Matrix IT Ltd., Michpal Technologies Ltd., and TSG Advanced IT Systems, Ltd.— whose securities are publicly traded on the Tel Aviv Stock Exchange and which therefore independently prepare and file publicly their annual consolidated financial statements. In order to prepare and finalize its own consolidated financial statements, Formula needs to first review and compile final financial information received from those subsidiaries and affiliate company, which requires waiting for that information to be made available to Formula. Given the reliance of Formula on the final consolidated financial statements of Formula’s…
- Why
- The company told the SEC it could not file a periodic report on time, using Form 12b-25.