|Oct 18, 2012, 12:11 AM||#1|
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OCZ Technology Group Reports Receipt of Nasdaq Compliance Letter
OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that because of the delayed filing with the SEC of the Form 10-Q for the period ending August 31, 2012 (the "Form 10-Q"), the Company received a letter from The Nasdaq OMX Group ("Nasdaq") indicating that the Company is not in compliance with the filing requirements for continued listing under Nasdaq Listing Rule 5250(c).
The Nasdaq letter notes that the Company is required to submit a plan to regain compliance with Nasdaq's filing requirements for continued listing within 60 calendar days of the date of the Nasdaq notification letter. Upon acceptance of the Company's compliance plan, Nasdaq is permitted to grant an extension of up to 180 days from the Form 10-Q's filing due date, or until April 8, 2013, for the Company to regain compliance with Nasdaq's filing requirements for continued listing.
As previously stated, the Company continues to work diligently to complete the financial review. While we are hopeful that the review will be completed in the near future, we cannot currently estimate the exact date.
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