Thursday, September 12th 2013

OCZ Technology Receives Extension From NASDAQ

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.
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3 Comments on OCZ Technology Receives Extension From NASDAQ

What a joke.

Will Ocz just go away already. Take the SEC along as well.
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That's business folks, extension, extension, extension. Even that October date is loose... if that is missed they conduct a final determination hearing and after that determination they would be delisted. What does delisting mean to a consumer? Not much. All of this isn't even discussing bankruptcy... which again wouldn't mean much to the consumer. Companies just use that to dump debt and get a fresh start: Just like Eddie Bauer, Marvel Comics, Abercrombie, Heinz, Delta, American Airlines, GM, United, even the Donald.
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OCZ has been struggling financially for years and that's why the audit and restating of the perhaps "cooked" books??? With the poor product quality and almost nonexistent customer support with defective products, OCZ has a tough uphill battle to right their ship and convince customers to take a chance on them when there are plenty of other companies with a good track record, products and service.
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