Appliance Recycling receives noncompliance notice from NASDAQ
Appliance Recycling announced that it was delaying the filing of its quarterly report on Form 10-Q for the period ended March 31 to allow the company's independent registered public accounting firm sufficient time to complete their work on the review of the company's financial statements. In connection with the delayed Form 10-Q, on May 22, ARCA received a standard notice from NASDAQ stating that the company is not in compliance with NASDAQ Listing Rule 5250, which requires timely filing of periodic financial reports with the Securities and Exchange Commission. The Nasdaq notice has no immediate effect on the listing or trading of ARCA's common stock on the Nasdaq Capital Market. Under Nasdaq's listing rules, ARCA has until June 18 to submit a plan to regain compliance. If the plan is accepted, ARCA can be granted an exception until September 26, to regain compliance. ARCA expects to submit a plan to regain compliance or file its Form 10-Q within the timeline prescribed by Nasdaq.