Nexxus Lighting Announces Receipt Of NASDAQ Notification Letter
CHARLOTTE, N.C., Aug. 21, 2012 /PRNewswire/ -- Nexxus Lighting, Inc. (NASDAQ: NEXS) today announced that on August 15, 2012, it received a notification letter from the Listing Qualifications Department of The NASDAQ OMX Group ("NASDAQ") stating that due to the Company's inability to timely file its Form 10-Q for the period ended June 30, 2012 (the "2nd Quarter Form 10-Q"), the Company was not in compliance with NASDAQ Listing Rule 5250(c)(1). This notification was issued in accordance with standard NASDAQ procedures in connection with the Company's filing, on August 14, 2012, of a Notification of Late Filing on Form 12b-25 stating that the Company would not be able to timely file its 2nd Quarter Form 10-Q within the prescribed time period because the Company requires additional time to finalize its financial statements. As previously disclosed, the Company is facing significant challenges in achieving profitability and is exploring strategic alternatives. As a result of these challenges and efforts, the work necessary to finalize the 2nd Quarter Form 10-Q could not be completed in sufficient time to permit the timely filing of the 2nd Quarter Form 10-Q.
The NASDAQ notification letter noted that the Company has until October 15, 2012 to submit a plan to NASDAQ to regain compliance with the applicable listing rule. Upon acceptance of the Company's compliance plan, NASDAQ may grant the Company an exception of up to 180 calendar days from the 2nd Quarter Form 10-Q's initial due date, or until February 11, 2013, to regain compliance with NASDAQ's filing requirements for continued listing.
The NASDAQ notice has no immediate effect on the listing or trading of the Company's common stock on The NASDAQ Capital Market. The Company intends to file its 2nd Quarter Form 10-Q with the United States Securities and Exchange Commission as soon as practicable, and anticipates that such 2nd Quarter Form 10-Q will be filed no later than September 28, 2012. If necessary, the Company will submit a plan to regain compliance with NASDAQ's filing requirements within the 60 day period.About Nexxus Lighting, Inc. Nexxus is a leader in high performance LED replacement light bulbs sold under its Array® Lighting line of products. The Company holds 41 issued U.S. and foreign patents and 33 patent applications pending related to its Array® Lighting and Lumificient product offerings. Nexxus is committed to leading edge design and introducing LED products that set the standard in the industry in terms of performance and reliability.
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