Ixia (NASDAQ: XXIA) announced today that, due to the previously
announced delay in the filing of its Quarterly Report on Form 10-Q for
the quarter ended September 30, 2013, it received a notice from The
NASDAQ Stock Market LLC (“Nasdaq”) on November 19, 2013 that the company
no longer complies with Nasdaq Listing Rule 5250(c)(1). Listing Rule
5250(c)(1) requires listed companies to timely file all required
periodic financial reports with the Securities and Exchange Commission
(the “SEC”).
In a press release issued on November 18, 2013, and a Form 12b-25
Notification of Late Filing filed with the SEC on November 13, 2013,
Ixia reported that, as a result of the recent resignation of Victor
Alston, the company’s former President and Chief Executive Officer,
Ixia’s Audit Committee, with the assistance of independent counsel, is
conducting an email review and performing additional procedures to
ensure the accuracy of its financial information and appropriateness of
its financial reporting. These procedures need to be completed prior to
the filing of the Form 10-Q.
Ixia has 60 calendar days, or until January 18, 2014, to submit to
Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. The
company intends to submit a plan to regain compliance within this 60-day
period. If Nasdaq accepts the company’s plan, then Nasdaq may grant the
company up to 180 days from the prescribed due date for filing the Form
10-Q (i.e., until May 19, 2014) to regain compliance. If Nasdaq does not
accept Ixia’s plan, then the company will have the opportunity to appeal
that decision to a Nasdaq Hearings Panel.
About Ixia
Ixia develops amazing products so its customers can connect the world.
Ixia helps its customers provide an always-on user experience through
fast, secure delivery of dynamic, connected technologies and services.
Through actionable insights that accelerate and secure application and
service delivery, Ixia's customers benefit from faster time to market,
optimized application performance and higher-quality deployments. Learn
more at http://www.ixiacom.com.
Safe Harbor under the Private Securities Litigation Reform Act of 1995
Certain statements made in this press release are forward-looking
statements, including, without limitation, statements regarding the
review and procedures being conducted by the company’s Audit Committee
and the completion thereof and the company’s intention regarding the
submission to Nasdaq of a plan to regain compliance with the Nasdaq
Listing Rules. In some cases, such forward-looking statements can be
identified by terms such as may, will, should, expect, plan, believe,
estimate, predict or the like. Such statements reflect our current
intent, belief and expectations and are subject to risks and
uncertainties that could cause our actual results to differ materially
from those expressed or implied in the forward-looking statements. Any
forward-looking statements are subject to a number of risks and
uncertainties, and actual results may differ materially. Factors that
could cause the actual results to differ materially from the results
predicted include, among others, the outcome of the review and
procedures being conducted by the Audit Committee and the risk that such
outcome could adversely affect the company’s ability to submit a
compliance plan to Nasdaq within the prescribed 60-day period. Ixia
assumes no obligation to update such forward-looking statements except
as required by applicable law.
Copyright Business Wire 2013