Ixia (Nasdaq: XXIA) announced today that as expected and due to the
previously reported delay in the company’s filing of its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2014 (the “2014 Form
10-Q”), on May 15, 2014, the company received a letter from The NASDAQ
Stock Market LLC (“Nasdaq”) notifying the company that it does not
comply with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). The Rule
requires listed companies to timely file all required periodic financial
reports with the Securities and Exchange Commission (the “SEC”). The
letter also notifies the company that its delay in filing the 2014 Form
10-Q serves as an additional basis for the potential delisting of the
company’s common stock due to non-compliance with the Rule. As
previously reported, the company also does not comply with the Rule due
to the delayed filing of its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2013 (the “2013 Form 10-Q”) and its Annual
Report on Form 10-K for the fiscal year ended December 31, 2013 (the
“2013 Form 10-K”).
As the company also previously announced, on May 2, 2014 and in
accordance with standard Nasdaq procedures, Nasdaq notified the company
that due to the company’s delay in filing its 2013 Form 10-Q and 2013
Form 10-K, the company’s common stock would be delisted unless the
company timely requested a hearing before a Nasdaq Listings
Qualification Panel (a “Hearings Panel”). The company timely requested
such a hearing, which has been scheduled for June 12, 2014. At the
hearing, the company plans to present an updated plan to regain
compliance with the Rule and to request an extension of time for the
filing of its delayed reports. The Hearings Panel will have the
discretion to grant or deny the company’s request. Any extension that is
granted may not extend beyond November 13, 2014.
The company’s request for a hearing automatically stayed the delisting
and suspension of trading in the company’s common stock until May 24,
2014. As part of the hearing request, the company also requested that
the automatic stay be extended until such time as the hearing has been
held and the Hearings Panel has made its decision. Nasdaq has indicated
that the company will receive a decision regarding the company’s request
for the extended stay prior to the expiration of the automatic stay. The
Hearings Panel may in its discretion grant or deny the request. If the
Hearings Panel grants the request, any potential delisting would be
deferred until the hearing has been held and the Hearings Panel has made
its decision.
The company continues to work diligently and to devote substantial
resources to complete its 2013 Form 10-Q, 2013 Form 10-K and 2014 Form
10-Q (collectively, the “Reports”), as well as the previously announced
restatement of the financial statements contained in the company’s
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013 and
June 30, 2013 (the “Quarterly Reports”). The company continues to make
substantial progress in these matters and plans to file its Reports and
the amendments to its previously filed Quarterly Reports as soon as
practicable.
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
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding the relief that a
Hearings Panel may grant the company, the scheduled hearing before the
Hearings Panel and the company’s expectations regarding the completion
and filing of its Reports and amendments to its Quarterly Reports. 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 forward-looking statements reflect the current intent,
belief, and expectations of the company’s management and are subject to
risks and uncertainties that could cause the company’s actual results to
differ materially from those expressed or implied in the forward-looking
statements. Factors that could cause the actual results to differ
materially from the results predicted include, among others, whether the
company will be in a position to submit to a Hearings Panel a
satisfactory plan to regain compliance with the Rule and uncertainty
about the timing of the company’s completion of its Reports, the
amendments to its Quarterly Reports, and any additional periodic reports
that the company is required to file in the future. Factors that may
cause future results to differ materially from the company’s current
expectations also include those identified in the company’s Annual
Report on Form 10-K for the year ended December 31, 2012 and in its
other filings with the SEC. The company undertakes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Copyright Business Wire 2014