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Tuesday, April 09, 2013
OCZ Technology May Be Delisted From NASDAQ


OCZ Technology Group, Inc. is expcted to receive a delisting determination letter from NASDAQ for failure to comply with NASDAQ listing rules.

The SSD maker today annoucned that as a result of the ongoing restatement process, it will not meet the previously disclosed April 8, 2013 NASDAQ extension date to become current in its periodic report filings with the Securities and Exchange Commission. The company claims it has made substantial progress on the restatement for the prior periods and expects to complete the restatement process and make its regulatory filings as soon as practicable.

The filing of the Company's Forms 10-Q for the periods ended August 31, 2012 and November 30, 2012 will be further delayed as OCZ completes its process to restate its financial statements for the first quarter of fiscal 2013, as well as for fiscal year 2012 before those filings are made.

OCZ has notified the NASDAQ Listing Qualifications Department of this delay and expects to receive a delisting determination letter from NASDAQ for failure to comply with NASDAQ Listing Rule 5250. Upon receipt of the determination letter, the OCZ will request a hearing before the NASDAQ Listing Qualifications Panel, at which the company will present its plan to evidence compliance with the NASDAQ Listing Rules, and formally request that the Panel stay any delisting action pending the hearing. In accordance with the Listing Rules, the NASDAQ Listing Qualifications Panel has the authority to grant OCZ an extension to regain compliance with the filing requirement for a period not to exceed 360 days from the original due date of the first delayed filing, or through October 7, 2013.

OCZ expects to remain listed on NASDAQ during the appeal process and ultimately satisfy all requirements for continued listing on NASDAQ.


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