What is the compliance process for filing delinquencies?
NASDAQ rules provide a company that is delinquent in its periodic filing obligations with 60 days to submit a plan of compliance to the Listing Qualifications Staff. Based on that plan, the Staff may grant the company up to 180 days from the due date for the periodic report (as extended by Exchange Act Rule 12b-25, if applicable) to regain compliance. In determining whether to grant a company additional time, Staff will consider the company’s specific circumstances, including the company’s past compliance history, the reasons for the late filing, corporate events that may occur within the exception period, the company’s general financial status, the company’s disclosures to the market, and the likelihood that the filing can be made within the exception period. In addition, NASDAQ will broadcast an indicator over its market data dissemination network noting the company’s non-compliance. The indicator will be displayed with quotation information related to the company’s securities on NAS
