OCZ Technology Group,
Inc. OCZ, a leading provider of high-performance
solid-state drives (SSDs) for computing devices and systems, today
announced that as a result of the ongoing restatement process, the
Company will not meet the previously disclosed April 8, 2013 NASDAQ
extension date to become current in its periodic report filings with
the Securities and Exchange Commission. The Company has made
substantial progress on the restatement for the prior periods and
expects to complete the restatement process and make its regulatory
filings as soon as practicable.
The filing of the Company's Forms 10-Q for the periods ended August
31, 2012 and November 30, 2012 will be further delayed as the Company
completes its process to restate its financial statements for the
first quarter of fiscal 2013, as well as for fiscal year 2012 before
those filings are made.
The Company has notified the NASDAQ Listing Qualifications Department
of this delay and expects to receive a delisting determination letter
from NASDAQ for failure to comply with NASDAQ Listing Rule
5250(c)(1). Upon receipt of the determination letter, the Company
intends to request a hearing before the NASDAQ Listing Qualifications
Panel (the "Panel"), at which the Company will present its plan to
evidence compliance with the NASDAQ Listing Rules, and formally
request that the Panel stay any delisting action pending the hearing.
In accordance with the Listing Rules, the Panel has the authority to
grant the Company an extension to regain compliance with the filing
requirement for a period not to exceed 360 days from the original due
date of the first delayed filing, or through October 7, 2013. The
Company expects to remain listed on NASDAQ during the appeal process
and ultimately satisfy all requirements for continued listing on
NASDAQ, although no assurances can be made that the Company will be
able to timely do so.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in