OCZ Technology seems to be in lot of trouble as the SSD maker has received a letter from the NASDAQ stock exchange if they do not disclose their earnings of the quarter ended in August, 2012. The company has disclosed that it received a non-compliance letter from NASDAQ specifically to the part where they haven’t disclosed their earning yet. To qualify to be listed in NASDAQ, one of the terms is that companies need to disclose their quarterly earnings.
Back in 2012, OCZ claimed that they have been working diligently to complete the financial review, but it cannot estimate when it will finish. All they’ve said is that it will be completed ‘soon’. The company also said that they have upto 60 days to submit their financial earning report to regain compliance, but NASDAQ has a rule which allows upto 180 days.
However looking at things now, things do not look good especially when they also have to submit financial reports for the quarter which ended at November 30th, 2012. As far as report is concerned, OCZ says that they have made ‘substantial’ progress to complete their financial report for the quarters and be filing periodic reports to the U.S. Securities & Exchange Commission.
It now depends on NASDAQ’s Panel to grant the company’s stay of delisting action.
The company has been having series of issues for a very long time and because of their financial problems, the company was force to lay off majority of their staff members. It was rumoured that the company may release OCZ Vertex 5, but OCZ also pointed out not to expect Vertex 5 anytime soon.
Source: Tweaktown
