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News Breaks | | | | August 21, 2012 | | 13:10 EDT |  | NEXS | Nexxus Lighting receives Nasdaq notice on non-compliance
Nexxus Lighting announced that on August 15, it received a notification letter from the Listing Qualifications Department of The NASDAQ OMX Group stating that due to the company's inability to timely file its Form 10-Q for the period ended June 30, the company was not in compliance with NASDAQ Listing Rule 5250(c)(1). This notification was issued in accordance with standard NASDAQ procedures in connection with the company's filing, on August 14, of a Notification of Late Filing on Form 12b-25 stating that the company would not be able to timely file its 2nd Quarter Form 10-Q within the prescribed time period because the company requires additional time to finalize its financial statements. As previously disclosed, the company is facing significant challenges in achieving profitability and is exploring strategic alternatives. As a result of these challenges and efforts, the work necessary to finalize the 2nd Quarter Form 10-Q could not be completed in sufficient time to permit the timely filing of the 2nd Quarter Form 10-Q. The NASDAQ notification letter noted that the company has until October 15 to submit a plan to NASDAQ to regain compliance with the applicable listing rule. | |
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