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USA Technologies requests Nasdaq for extension period to regain compliance.

USA Technologies has submitted a letter to the Nasdaq Hearings Panel requesting the Panel to grant to the company the maximum possible exception period permitted under applicable Nasdaq rules and interpretations, or until September 23, and informing the Panel that it was unlikely that it will regain compliance with its periodic filing requirements by September 9. The maximum possible exception period is 360 days from the due date of the company's initial late filing as extended. The company is not in compliance with the Nasdaq Listing Rule which requires listed companies to timely file all required periodic financial reports with the SEC. These delinquencies resulted from an internal investigation conducted by the company's Audit Committee. The company continues to work diligently to regain compliance with its periodic reporting obligations, and anticipates doing so by no later than September 23. There can be no assurance that the Panel will grant the Company's request for the maximum possible exception period through September 23. In such event, the Panel will issue a final delisting determination and the company's securities will be suspended from trading on Nasdaq.

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Publication:The Fly
Date:Sep 4, 2019
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