Technical Communications Corporation Reports Notice of Failure to Satisfy a NASDAQ Continued Listing Rule
Source: Nasdaq GlobeNewswire / 22 Feb 2019 22:00:17 Europe/London
CONCORD, Mass., Feb. 22, 2019 (GLOBE NEWSWIRE) -- Technical Communications Corporation (NasdaqCM: TCCO) today announced that on February 19, 2019, the company received notice from the Nasdaq Listing Qualifications department of the Nasdaq Stock Market that, because the Company had not yet filed its Form 10-Q for the period ended December 29, 2018 (the “Filing”), and because the Company remains delinquent in filing its Form 10-K for the period ended September 29, 2018 (the “Initial Delinquent Filing”), the Company was not in compliance with Nasdaq continued listing Rule 5250(c)(1), which rule requires companies with securities listed on Nasdaq to timely file all required periodic reports with the U.S. Securities and Exchange Commission. Pursuant to such notice, the company will have until March 4, 2019 to submit a plan to Nasdaq to regain compliance; if the plan is accepted, Nasdaq can grant an exception of up to 180 days from the due date of the filing, or until July 15, 2019, to regain compliance.
The company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended December 29, 2018 and Annual Report on Form 10-K for fiscal year ended September 29, 2018 is primarily due to certain changes to the Company’s revenue recognition which have impacted the filing of its 2018 Form 10-K, Q1 2019 Form 10-Q and related financial statements, and the reliance on certain other previously issued financial statements. The Company will complete the required filings as soon as practical after its current and former independent public accounting firms review and complete the audits of such financial statements. TCC is currently working with its current and former independent registered public accounting firms to complete such audits and restatements, and will provide information to Nasdaq in its plan to regain compliance as to the expected filing date of the annual report, although at this time the company does not have an estimate as to the date such filing will be made.
About Technical Communications Corporation
For over 50 years, TCC has specialized in superior-grade secure communications systems and customized solutions, supporting our CipherONE® best-in-class criteria, to protect highly sensitive voice, data and video transmitted over a wide range of networks. Government entities, military agencies and corporate enterprises in 115 countries have selected TCC's proven security to protect their communications. Learn more: www.tccsecure.com.
Statements made in this press release or as may otherwise be incorporated by reference herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to statements regarding anticipated operating results, future earnings, and the ability to achieve growth and profitability. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including but not limited to the effect of foreign political unrest; domestic and foreign government policies and economic conditions; future changes in export laws or regulations; changes in technology; the ability to hire, retain and motivate technical, management and sales personnel; the risks associated with the technical feasibility and market acceptance of new products; changes in telecommunications protocols; the effects of changing costs, exchange rates and interest rates; and the Company's ability to secure adequate capital resources. Such risks, uncertainties and other factors could cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of the risks facing the Company, see the Company’s filings with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q for the quarters ended December 30, 2017, March 31, 2018 and June 30, 2018 and its Annual Report on Form 10-K for the fiscal year ended September 30, 2017 filed with the Commission and the “Risk Factors” section included therein (as the same may be amended from time to time).
Michael P. Malone
Chief Financial Officer