Stein Mart (SMRT) Receives Expected Non-Compliance Letter from Nasdaq
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Stein Mart, Inc. (Nasdaq: SMRT) today announced that on December 12, 2011 it received the expected letter from NASDAQ stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because, as disclosed in the Company's press release dated December 8, 2011, it did not timely file its Quarterly Report on Form 10-Q for the third quarter ended October 29, 2011. As is standard, the NASDAQ letter stated that the Company has 60 days to submit a plan to regain compliance. The notification of non-compliance has no immediate effect on the listing or trading of the Company's common stock on the NASDAQ Global Market.
As previously reported by the Company, the filing of the Form 10-Q was delayed due to an information technology system issue which understated permanent markdowns. The Company intends to file its Form 10-Q upon finalizing its third quarter results, well within the 60 day required period. When that filing is made the Company will regain compliance with the NASDAQ listing rules.
As previously reported by the Company, the filing of the Form 10-Q was delayed due to an information technology system issue which understated permanent markdowns. The Company intends to file its Form 10-Q upon finalizing its third quarter results, well within the 60 day required period. When that filing is made the Company will regain compliance with the NASDAQ listing rules.
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