OCZ announced yesterday that it's unable to meet the previously disclosed April 8, 2013 NASDAQ extension date to become current in its periodic report filings with the SEC. The company has been saying for months now that the restatement of these prior periods is substantially completed, but little has changed since our last update in early February, the company has yet to file its earnings reports for the periods ended August 31, 2012 and November 30, 2012. OCZ mentioned in its press release that these earnings statements will be further delayed as it will first complete its process to restate its financial statements for fiscal Q1 2013 as well as for fiscal year 2012.
OCZ Technology Group, Inc. (NASDAQ: 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.