OCZ Technology Group, a leading supplier of solid-state drives for computing devices and systems, on Tuesday announced that it had received a determination from the NASDAQ listing qualifications panel indicating that it had granted the company's request to remain listed on the NASDAQ stock market, subject to the condition that the company is current in the filing of its periodic reports with the SEC by September 16, 2013.
"We are delighted that NASDAQ has granted us this extension. As recognized by this extension, the company has made substantial progress in becoming current with our filings and we look forward to completing this as soon as possible," said Ralph Schmitt, CEO of OCZ Technology Group.
OCZ is required to promptly notify NASDAQ of significant events that occur during the exception period. The panel reserves the right to reconsider the terms of the exception if it believes that the continued listing of the company's common stock on the NASDAQ stock market is inadvisable or unwarranted.
The determination follows the company's hearing before the panel on May 16, 2013, at which the panel considered OCZ’s plan to regain compliance with NASDAQ's filing requirement. The company is working to timely satisfy the terms of the panel's decision; however, there can be no assurance that it will be able to do so.