Shenandoah announces delayed filing of annual report on Form 10-K
Shenandoah Telecommunications announced that it is delaying the filing of its Annual Report on Form 10-K for the year ended December 31, 2016. On March 1, Shentel filed a Form 12b-25, Notification of Late Filing, with the SEC regarding its delayed Form 10-K principally due to the need to devote significant time and resources to finalizing the valuation and purchase price allocation related to the acquisition of NTELOS Holdings Corp. and asset exchange transaction with SprintCom, Inc., an affiliate of Sprint Corporation, on May 6, 2016. At that time, Shentel expected that it would be able to file the Form 10-K within the 15-day extension period provided by Form 12b-25. Shentel has subsequently determined that the company will be unable to do so. The company's independent auditors, KPMG, have indicated that they require additional time to complete their audit fieldwork and complete their internal quality assurance reviews. The company and the Audit Committee of the Company's Board of Directors are continuing to work diligently with KPMG to complete the audit process relating to the 2016 fiscal year such that the company is in a position to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 with the SEC as soon as possible. Because the filing of the company's Form 10-K has been delayed beyond the 15-day extension period of Form 12b-25, on March 17 Shentel received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market indicating that the Company is not in compliance with Listing Rule 5250(c)(1) because the company has failed to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2016. Under the NASDAQ Listing Rules, the Company has until May 16 to submit a plan to NASDAQ as to how it plans to regain compliance with NASDAQ's continued listing requirements. The NASDAQ notification letter has no immediate effect on the listing of Shentel's common stock on the NASDAQ Global Select Market.