TheStreet.com (TSCM) Granted 180-Day Extension to Meet NASDAQ Compliance
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TheStreet.com, Inc. (NASDAQ: TSCM) today announced that NASDAQ has granted the Company a 180-day exception, to February 8, 2010, in order to regain compliance with Listing Rule 5250(c)(1) (which requires the timely filing of all required periodic financial reports with the Securities and Exchange Commission). As previously disclosed, in August 2009 the Company received a letter from NASDAQ noting that the Company had failed to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. The letter stated that the Company was allowed to submit a plan to regain compliance with the listing standard and indicated that if the plan was accepted, NASDAQ could grant the Company an exception of up to 180 days from the Form 10-Q filing date, or until February 8, 2010, to regain compliance. The Company submitted a plan to regain compliance and NASDAQ granted the maximum 180-day exception.
The Company also has received a letter from NASDAQ noting that the Company failed to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2009. The letter, which the Company expected, states that the Company has 60 calendar days, or until January 11, 2010, to submit a plan to regain compliance with the listing standard and that if the plan is accepted, NASDAQ can grant the Company an exception through February 8, 2010, to regain compliance. The Company intends to file such a plan within the 60-day time period.
The Company previously announced that it had identified an issue relating to its recording of certain revenue in a non-core business, Promotions.com, that the Company acquired in August 2007. Since that announcement, the Company has been conducting a thorough review of accounting matters related to the business unit and the Company currently is assessing the impact of such matters on the periods since the acquisition. The Company has not yet determined whether it will be required to restate any prior period results. The Company currently does not believe that this matter is likely to result in any significant percentage revision to the aggregate revenue or expenses previously reported by the Company since the acquisition (although the Company cannot give any assurances with respect to this matter as its review is not yet complete), but may result in material revisions, upward or downward, to the net income reported by the Company during any one or more of the periods since the acquisition. This matter does not affect the Company’s previously reported cash, cash equivalents, restricted cash or marketable securities. The Company is endeavoring to complete its review of this matter expeditiously, but cannot presently give assurances as to when the review will be completed.
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