Business & Real Estate

Davis biotech firm gets more time from Nasdaq

Marrone Bio Innovations Inc. said Thursday that Nasdaq officials agreed to keep listing the Davis biotech company’s stock pending a hearing in June.

The company hasn’t filed any quarterly financial results since the second quarter of last year as it struggles with an internal auditing issue over its 2013 revenue.

Nasdaq has warned Marrone several times that it faces delisting from the stock market because of the failure to file quarterly results.

In the latest development, Nasdaq has granted Marrone’s request for a stay pending a hearing before the stock market’s listing qualifications panel. The hearing is set for June 18.

If delisted, Marrone could find a home on a less-prestigious exchange.

A maker of environmentally friendly pesticides, Marrone disclosed the auditing problem last fall. The company later said some former employees had misled management about certain sales transactions.

Disclosure of the audit problems has sent Marrone’s stock price tumbling. The shares closed Thursday at $2.13, up 17 cents.

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