SigmaTron reports delay in financial filing
ELK GROVE VILLAGE -- SigmaTron International Inc. said Tuesday it received a delinquency notification letter last week from the Nasdaq Stock Market indicating it is not in compliance with the market's continued listing requirements.
Under Nasdaq rules, SigmaTron did not timely file its Form 10-Q for the fiscal quarter ended Jan. 31, the company said. The notification letter has no immediate effect on the listing or trading of the SigmaTron's common stock on the Nasdaq.
The company filed a Notification of Late Filing on March 20, indicating the filing of the Form 10-Q would be delayed because the company needs additional time to complete its quarter-end financial close procedures. More time is needed because of the company's ongoing negotiations of forbearance agreements with J.P. Morgan Chase Bank and TCW Asset Management Co., as administrative agent, to address covenant defaults to its loan facility.
Nasdaq has informed SigmaTron that it must submit a plan of compliance within 60 calendar days, or no later than May 22, addressing how it intends to regain compliance with Nasdaq's listing rules and, if Nasdaq accepts the plan, it may grant an extension of up to 180 calendar days from the Form 10-Q original filing due date, or until Sept. 13, to regain compliance.