Sito Mobile receives noncompliance letter from Nasdaq
Sito Mobile has received a notification letter from the Listing Qualifications Department of Nasdaq indicating that the company no longer meets the continued listing requirement related to the timely filing of its Form 10-Q for the period ended September 30. As a result of a delay in completing its Quarterly Report on Form 10-Q, the company no longer complies with the listing rules for continued listing. Under Nasdaq rules, the company now has 60 calendar days to submit a plan to regain compliance and if Nasdaq accepts SITO's plan, it can grant an exception of up to 180 calendar days from the filing's due date, or until May 18, 2020, to regain compliance. The company requires additional time to finalize preparation of its financial information for the three- and nine-months ended September 30 due to multiple extenuating circumstances including postponement of the annual meeting of stockholders, the timing of the receipt of comments from the Securities and Exchange Commission regarding submitted proxy materials and certain impacts associated with restructuring efforts that have been implemented. In the event the company does not regain compliance prior to the expiration of the compliance period or does not qualify for the second compliance period in respect of Rule 5450, the company will receive written notification that its securities are subject to delisting from Nasdaq. At that time, the company may appeal the delisting determination to a hearing's panel.