OCZ send out a press release to its investors to announce that it will not meet the previously disclosed September 16, 2013 NASDAQ extension date for becoming current with its filings with the Securities and Exchange Commission. NASDAQ granted the company an extension to October 7, 2013.
This is a final extension from NASDAQ, if OCZ fails to meet the October 7 date to restate its financial reports then it faces a NASDAQ delisting. The reports yet to be delivered include fiscal 2012 and fiscal Q1 2013.
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 September 16, 2013 NASDAQ extension date for becoming current with its filings with the Securities and Exchange Commission. The Company notified the NASDAQ Listing Qualifications Panel (the "NASDAQ Panel") of this delay. On September 12, 2013, the NASDAQ Panel granted the Company's request to remain listed on The NASDAQ Stock Market, subject to the condition that the Company becomes current in the filings of its periodic reports with the Securities and Exchange Commission by October 7, 2013.
"We are delighted that NASDAQ has given us this extension as it gives us the additional time we need to complete the restatement. The Company has been working to complete the comprehensive audit and restatement work that was expanded to cover three additional years, subsequent to the issuance of the NASDAQ Panel's hearing decision," stated Ralph Schmitt, CEO of OCZ Technology. "We have completed most of the work required to regain compliance and the team is diligently driving this to closure."
In accordance with the Listing Rules, the newly established October 7th deadline represents the maximum extent of the discretion afforded to the NASDAQ Panel. As a result, should the Company be unable to meet the new exception deadline, the NASDAQ Panel would be required to issue a final determination to delist the Company's shares and, pursuant to that determination, trading in the Company's shares would be suspended on The NASDAQ Stock Market effective on the second business day from the date of the final determination.