ModusLink Receives Expected NASDAQ Notification Letter
ModusLink Global Solutions (NASDAQ: MLNK) today announced that on December 18, 2012, as expected, it received a notification letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”). The letter stated that ModusLink's delay in filing the Company's Quarterly Report on Form 10-Q for its first quarter of fiscal 2013 ended October 31, 2012, which delay the Company disclosed on December 10, 2012, serves as an additional basis for the potential delisting of its shares under NASDAQ Listing Rule 5250(c)(1). The Company is working to complete its previously announced process to restate financial results for certain prior periods and become current in its periodic report filings with the Securities and Exchange Commission.
As disclosed on December 13, 2012, the Company received a separate letter from NASDAQ advising that because the Company remains noncompliant with the filing requirements for continued listing under NASDAQ listing rules, the Company's common stock is subject to suspension. The Company has the right to appeal this determination and, as planned, a hearing before NASDAQ's Hearings Panel has been requested by the Company.
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