OCZ is required to promptly notify NASDAQ of significant events that occur during the exception period. The NASDAQ panel reserves the right to reconsider the terms of the exception if it believes that the continued listing of OCZ's common stock on The NASDAQ Stock Market is inadvisable or unwarranted.
The determination follows OCZ's hearing before the Panel on May 16, 2013, at which the panel considered the company's plan to regain compliance with NASDAQ's filing requirement. OCZ is working to timely satisfy the terms of the decision, although the company cannot assure that it will be able to do so.
"We are delighted that NASDAQ has granted us this extension. As recognized by this extension, the Company has made substantial progress in becoming current with our filings and we look forward to completing this as soon as possible," said Ralph Schmitt, CEO of OCZ Technology Group.
OCZ had failed comply with NASDAQ listing rules as the company was not current in its periodic report filings with the Securities and Exchange Commission.