Nursing Home Giant PACS Risks Potential Delisting Amid ‘No Assurances’ on Meeting NYSE Financial Result Filing Deadline

PACS Group (NYSE: PACS) is amending its credit agreement with lenders to address delays in filing its required financial reports with the Securities and Exchange Commission (SEC), stating that there are “no guarantees” it will meet a November deadline to avoid a potential delisting from the New York Stock Exchange.

These changes come as PACS continues to face challenges related to delayed financial reporting due to an ongoing federal investigation into its billing practices as well as an internal audit.

PACS previously notified the SEC that it was unable to file its financial results for the third quarter of 2024, the fourth quarter and fiscal year 2024, as well as the first quarter of 2025.

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As a result, NYSE issued a noncompliance notice in November 2024, citing PACS’ failure to meet timely filing requirements. Although PACS was initially given a six-month cure period, the NYSE granted an additional extension through September 2, 2025, with continued monitoring. The company must now file all outstanding reports by November 19, 2025, to avoid potential delisting.

PACS stated it is working to complete the filings and regain compliance, but there is no guarantee it will meet the NYSE’s deadlines.

“The Company intends to file the Delinquent Filings and regain compliance as soon as feasible and within the granted additional period. However, there can be no assurance that the Company will ultimately regain compliance with all applicable NYSE listing standards,” the SEC filing noted.

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The amendment extends the deadline for submitting audited financial statements for the fiscal year ended December 31, 2024, from 90 to 195 days, with the potential for further extensions, subject to lender approval, the company’s 8-K filing stated on Thursday. Also, until those audited statements are submitted, PACS must maintain at least $100 million in unrestricted cash and permitted investments.

Skilled Nursing News reached out to PACS, but did not receive a response by the time of publication.

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