NASDAQ has approved a further extension for OCZ Technology Group in order to become current with its filings with the Securities and Exchange Commission (SEC).
OCZ had previously informed the NASDAQ Listing Qualifications Panel that it would not meet the previously granted September 16, 2013 NASDAQ extension date.
On September 12, 2013, the NASDAQ Panel granted the OCZ's new request to remain listed on The NASDAQ Stock Market, subject to the condition that the company becomes current in the filings of its periodic reports with the SEC by October 7, 2013.
"We are delighted that NASDAQ has given us this extension as it gives us the additional time we need to complete the restatement. The company has been working to complete the comprehensive audit and restatement work that was expanded to cover three additional years, subsequent to the issuance of the NASDAQ Panel's hearing decision," stated Ralph Schmitt, CEO of OCZ Technology. "We have completed most of the work required to regain compliance and the team is diligently driving this to closure."
In accordance with NASDAQ's listing rules, the newly established October 7th deadline represents the maximum extent of the discretion afforded to the NASDAQ Panel. As a result, should OCZ be unable to meet the new exception deadline, the NASDAQ Panel would be required to issue a final determination to delist OCZ's shares and, pursuant to that determination, trading in the company's shares would be suspended on The NASDAQ Stock Market effective on the second business day from the date of the final determination.