by Retailer given 60 days to submit a plan to regain compliance with rule related to the timely filing of its quarterly reports
THE WOODLANDS, Texas — The Nasdaq Stock Market has given specialty furniture, bedding and home goods and appliances retailer Conn’s Inc. 60 days to submit a plan to regain compliance with a rule related to the timely filing of its quarterly reports.
On June 11, the company notified the U.S. Securities and Exchange Commission that it was unable to file a timely 10-Q financial report for its fiscal first quarter ended April 30. The company said the delay was because it had been unable to complete disclosures related to possible amendments to, or the refinancing of its revolving credit facility that were required to be included in its 10-Q.
“As a result, the company is unable to file, without reasonable effort or expense, the Form 10-Q on or prior to the prescribed filing date,” the company said in its June 11 disclosure.
On June 20, the company received a delinquency notification letter from Nasdaq stating it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not filed the report by the due date required by the SEC.
The company said the notice has no immediate effect on its listing or trading of its common stock on the Nasdaq Global Select Market. However, it said that it has until Aug. 19 to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule.
Conn’s noted that if Nasdaq accepts its plan to regain compliance, Nasdaq may grant the company up to 180 calendar days from the prescribed mid-June due date for the 10-Q, or until Dec. 16, to file the 10-Q in order to regain compliance.
“However, there can be no assurance that these events will occur,” the company said in a statement issued Wednesday relating to the delinquency notice.
