Lime Energy Co. (NASDAQ: LIME) today announced that the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (the “Form 10-Q”) has been delayed because of its previously disclosed internal investigation of its recording of certain revenue and its related accounting review. Because of the delayed filing of the Form 10-Q with the SEC, the Company received a letter from The NASDAQ OMX Group (“NASDAQ”) indicating that the Company is not in compliance with the filing requirements for continued listing under NASDAQ Listing Rule 5250(c).
Pursuant to NASDAQ rules, the Company was 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. The Company complied with this rule by submitting a Plan of Compliance to The NASDAQ on October 15, 2012 and updated the Plan on November 15, 2012. 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 due date for the Company to regain compliance with NASDAQ’s filing requirements for continued listing.
On November 19, 2012, The NASDAQ issued a second letter indicating that it had not received the Company’s Form 10-Q for the period ending September 30, 2012 and that the Company remains delinquent in the filing of its Form 10-Q for the period ended June 30, 2102, therefore the Company does not comply with the Listing Rule for continued listing. The letter acknowledges receipt of the Plan of Compliance on October 15, 2012 and the update received on November 15, 2012 and asks the Company to submit an additional update by November 29, 2012, to assist the NASDAQ in its review of the Plan of Compliance.
The Company continues to work diligently to complete the accounting review and has made significant progress toward completing this review. It expects to file the delinquent financial statements upon completion of the accounting review and the restatement of its previously issued financial statements expected to result from the review. However, the Company cannot currently estimate the filing date of the financial statements.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts