Advanced Emissions Solutions Receives Notice From NASDAQ Due To Delayed Filing Of Form 10-Q
Advanced Emissions Solutions, Inc. (Nasdaq: ADES) (the "Company") today announced it received a notice from the NASDAQ Capital Market on August 14, 2014 indicating that the Company is not in compliance with NASDAQ Listing Rules because it did not timely file its Form 10-Q for the period ended June 30, 2014 . Previously, on June 6, 2014, NASDAQ granted the Company an exception until September 29, 2014 to file all delinquent periodic reports, including the Company's delinquent Form 10-K for the year ended December 31, 2013 and the subsequent delinquent Form 10-Q for the quarter ended March 31, 2014. The August 14, 2014 notice, which the Company expected, was issued due to NASDAQ Marketplace Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission.
The Company's delay in filing these periodic reports is due to its previously disclosed extensive review of its accounting transactions including the re-audit of its financial statements for 2011 and 2012, assessment of the effectiveness of its internal controls over financial reporting, and the restatement of its previously issued financial statements for the first three quarters of 2013.
The Company's management team and its finance and accounting personnel are working diligently to complete this process, provide the requested information to its auditors, and finalize the necessary reviews so that its delinquent periodic reports can be filed.
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