CRON - Cronos Group down 15% after failing to file financial statements on time

Shares of Cronos Group (NASDAQ:CRON) closed yesterday down 15% after the cannabis company said that its quarterly filing would be late. Shares are down another 3% in premarket trading. In a Form 12b-25, Cronos said that it unable to file its quarterly report because the company's audit committee needs more time to evaluate goodwill and indefinite-lived intangible assets in its U.S. reporting unit for impairment. Cronos said it will record an impairment charge of at least $220M on goodwill and indefinite-lived intangible assets in its U.S. reporting unit for the three and six months ended June 30, 2021. The company also may incur an additional impairment charge for the three months ended Sept. 30, 2021. However, Cronos said the impairment charge will not impact cash and cash equivalents or revenues.

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Cronos Group down 15% after failing to file financial statements on time