Zanett, Inc. Receives Notice from NASDAQ Relating to Its Late Form 10-Q
Zanett, Inc. (Nasdaq: ZANE) announced today that it received a non-compliance notice from the NASDAQ Stock Market stating that the company was not in compliance with NASDAQ Listing Rule 5250(c)(1) because the company has not timely filed its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011. The NASDAQ letter stated that the company has until October 16, 2011, to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the due date of the Form 10-Q (or until February 13, 2012) to regain compliance.
The company intends to submit a plan to regain compliance to NASDAQ no later than October 16, 2011. No assurance can be given that NASDAQ will accept the company's compliance plan or grant an exception for the full 180-day period contemplated by the NASDAQ Listing Rules. Under the NASDAQ rules, the company's common stock will continue to be listed on NASDAQ until February 13, 2012, and for any exception period that may be granted to the company by NASDAQ. However, until the company regains compliance, quotation information for the company's common stock will continue to include an indicator of the company's non-compliance and the company will continue to be included in a list of non-compliant companies on the NASDAQ website.
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