Technical Comm Corp receives compliance and plan acceptance notices from Nasdaq
Technical Communications Corporation Reports Nasdaq Notice of Continued Noncompliance and Acceptance Technical Communications Corporation has been notified by the Nasdaq Listing Qualifications that it was not in compliance with listing rules due to the company's failure to file its Quarterly Report on Form 10-Q for the quarter ended March 31, as well as its continued failure to file its Annual Report on Form 10-K for the fiscal year ended September 29, 2018 and Quarterly Report on Form 10-Q for the quarter ended December 29, 2018. Completion of the annual and quarterly reports has been impacted by the company's review of its revenue recognition policy, which revealed errors in the company's recognition of revenue for certain contracts resulting from a misinterpretation of accounting standards related to revenue recognition. TCC also expects to file restatements of the financial statements included in certain previously-filed periodic reports. Nasdaq also notified TCC that it had accepted the company's modified plan to regain compliance with such rule, which permits the continued listing of the company's common stock on the Nasdaq Capital Market. Nasdaq granted the company an extension until no later than July 15 to file its Annual Report on Form 10-K for the fiscal year ended September 29, 2018 together with its Quarterly Reports on Form 10-Q for the quarters ended December 29, 2018 and March 31, 2019, and any restatements to previously-filed periodic reports of the company impacted by the company's review of its revenue recognition policy.