NEWTON, Mass., Aug. 15, 2012 /PRNewswire/ -- Ambient Corporation (NASDAQ: AMBT), a leading provider of flexible and scalable smart grid communications platforms and technologies, announced today that, as previously disclosed, the Company is completing an accounting review and restatement of certain of its previously issued financial results and financial statements, which will delay the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (the "Form 10-Q"). The Company filed a Form 12b-25 Notification of Late Filing on August 15, 2012, confirming that it has delayed the filing of the Form 10-Q with the Securities and Exchange Commission ("SEC"). Accordingly, on August 15, 2012, in accordance with standard procedures related to the delayed filing of the Form 10-Q with the SEC, the Company received a letter from The NASDAQ Stock Market LLC ("NASDAQ") indicating that the Company is not in compliance with the filing requirements for continued listing under NASDAQ Listing Rule 5250(c). The NASDAQ notice has no immediate effect on the listing or trading of the Company's common stock on The NASDAQ Capital Market.
The NASDAQ letter notes that Ambient is required to submit a plan to regain compliance with NASDAQ's filing requirements for continued listing within 60 calendar days of the date of the NASDAQ notification letter. Upon acceptance of the Company's compliance plan, NASDAQ is permitted to grant an extension of up to 180 days from the Form 10-Q's filing date for the Company to regain compliance with NASDAQ's filing requirements for continued listing.
The Company continues to work diligently to complete the accounting review and, if necessary, will submit a plan to regain compliance with NASDAQ's filing requirements within the 60 day deadline. As previously disclosed, the Company expects to file the Form 10-Q upon completion of its accounting review and the restatement of certain of its previously issued financial results and financial statements within the next 15 days.
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