Diamond Foods (DMND) Won't Meet NASDAQ Deadline to File Qtr. Report

June 11, 2012 8:33 AM EDT
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Diamond Foods, Inc. (Nasdaq: DMND) today announced that it will not meet the previously disclosed June 11, 2012 Nasdaq deadline to file its quarterly reports on Form 10-Q for the periods ended October 31, 2011, and January 31, 2012 as well as April 30, 2012. As a result, Diamond expects to receive a delisting determination letter from the Nasdaq Listing Qualifications Department for failure to comply with Nasdaq Rule 5250(c)(1). Upon receipt of the determination letter, Diamond intends to request a Nasdaq hearing to appeal any delisting determination and to report on its plan for compliance with Nasdaq's listing rules.

In addition, Diamond intends to request that the Nasdaq Hearing Panel grant the Company an extension for holding its Annual Meeting of Stockholders, which it does not currently expect to convene before July 31, 2012, as required by Listing Rule 5620. The Company intends to hold its Annual Meeting as soon as practicable following the filing of its restated financial statements and the delayed Forms 10-Q.

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