Motorcar Parts of America (MPAA) Receives Non-Compliance Notice From NASDAQ Due to Delayed Filing of Form 10-Q
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Motorcar Parts of America, Inc. (Nasdaq: MPAA) today announced it received a notice from the NASDAQ Stock Market on November 15, 2011 indicating that the company is not in compliance with NASDAQ listing rules because its Form 10-Q for the quarter ended September 30, 2011 was not timely filed. The notice, which the company expected, was issued in accordance with standard NASDAQ procedures as a result of the delayed filing. Timely filing of periodic reports is a requirement for continued listing under NASDAQ Marketplace Rule 5250(c)(1).
The delay in filing is due to the company's inability to timely process the financial information for the quarter. The delay in processing this information is a result of the company's acquisition of Fenwick Automotive Products Limited and related companies in May 2011.
The company is focusing significant efforts on completing the processing of this information and expects to file its Form 10-Q for the quarter ended September 30, 2011 as soon as practicable.
The NASDAQ notice directs the company to submit a plan to regain compliance with the continued listing requirements by January 17, 2012. The company expects to address the notice by filing the Form 10-Q and submitting a required compliance plan within such timeframe.
The delay in filing is due to the company's inability to timely process the financial information for the quarter. The delay in processing this information is a result of the company's acquisition of Fenwick Automotive Products Limited and related companies in May 2011.
The company is focusing significant efforts on completing the processing of this information and expects to file its Form 10-Q for the quarter ended September 30, 2011 as soon as practicable.
The NASDAQ notice directs the company to submit a plan to regain compliance with the continued listing requirements by January 17, 2012. The company expects to address the notice by filing the Form 10-Q and submitting a required compliance plan within such timeframe.
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