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Tuesday, April 9, 2013
OCZ Technology May Be Delisted From NASDAQ
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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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