Tech Data Corporation Receives NASDAQ Notice Relating to Late Quarterly Report and Announces NASDAQ Acceptance of Plan to Regain Compliance
Tech Data Corporation (Nasdaq: TECD) (the "Company") today announced that it received, as expected, a notice (the "10-Q Notice of Deficiency") from the NASDAQ Listing Qualifications Department ("NASDAQ") stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) (the "Rule") because the Company has not timely filed its Form 10-Q for the quarterly period ended April 30, 2013 (the "First Quarter 10-Q"). The Company previously announced it received a notice of deficiency from NASDAQ on April 2, 2013 for not timely filing its Annual Report on Form 10-K for the fiscal year ended January 31, 2013 (the "Fiscal 2013 Form 10-K"). Both the First Quarter 10-Q and the Fiscal 2013 Form 10-K filings are delayed pending completion of the Company's restatement of prior financial statements announced on March 21, 2013.
In its April 2, 2013 notice, NASDAQ requested that the Company submit, no later than June 3, 2013, a plan to regain compliance with the Rule. On May 31, 2013, the Company submitted its plan to NASDAQ. After reviewing the Company's plan, NASDAQ granted an exception to enable the Company to regain compliance with the Rule. Under the terms of the exception, the Company must file the Fiscal 2013 Form 10-K, the First Quarter 10-Q and all other periodic reports required by the Rule on or before September 30, 2013. During the exception period, the Company's stock will remain listed on the NASDAQ Global Select Market.
The 10-Q Notice of Deficiency requires the Company to file an update to its plan of compliance with respect to the First Quarter 10-Q by July 2, 2013. The Company intends to file its update as soon as possible.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the federal securities laws and regulations, including those regarding the Company's intent to restate its prior financial statements and to regain compliance with NASDAQ Listing Rule 5250(c)(1) by September 30, 2013. These statements are subject to risks and uncertainties. There can be no assurance that the Company's management, Audit Committee or independent registered public accounting firm will not reach conclusions that are different from management's preliminary identification of issues in the pending restatement that may delay completion of the restatement. Forward-looking statements reflect management's analysis as of the filing date of this Notice, and the Company does not undertake to revise these statements to reflect subsequent developments.
About Tech Data
Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 120,000 resellers in more than 100 countries to efficiently and cost effectively support the diverse technology needs of end users. To learn more, visit www.techdata.com.
CONTACT: Jeffery P. Howells, Executive Vice President and Chief Financial Officer 727-538-7825 (firstname.lastname@example.org)
Arleen Quinones, Director, Investor Relations and Shareholder Services 727-532-8866 (email@example.com)
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