ModusLink Global Solutions ™, Inc. (NASDAQ: MLNK) today announced that the filing of its Form 10-Q for its first quarter of fiscal 2013 ended October 31, 2012 will be delayed as the Company continues to work to complete its previously announced process to restate financial statements for certain prior periods. ModusLink has made substantial progress on the restatement for the prior periods and preparation of the Quarterly Report on Form 10-Q for the third quarter of fiscal year 2012, the Annual Report on Form 10-K for the fiscal year ended July 31, 2012 and the Quarterly Report on Form 10-Q for the first quarter of fiscal 2013. ModusLink expects to complete the restatement process and make its regulatory filings as soon as practicable.
As a result of its ongoing restatement process, ModusLink will not meet the previously disclosed December 10, 2012 NASDAQ extension date to become current in its periodic report filings with the Securities and Exchange Commission. ModusLink expects to receive a delisting determination letter from the NASDAQ Listing Qualifications Department for failure to comply with NASDAQ Rule 5250(c)(1).
Upon receipt of the determination letter, ModusLink intends to request a hearing before the NASDAQ Listing Qualifications Panel (the “Panel”) to exercise its right to appeal any delisting determination and to report on its plan for compliance with NASDAQ’s listing rules. Following a hearing, the Panel has the authority under the NASDAQ Listing Rules to grant the Company an extension of the timeframe to regain compliance with the filing requirements for a period not to exceed 360 days from the original due date (June 11, 2012) of the first delayed filing. The Company expects that it will remain listed on NASDAQ during the pendency of the appeal process and expects to satisfy the conditions for listing.
About ModusLink Global SolutionsModusLink Global Solutions Inc. (NASDAQ: MLNK) executes comprehensive supply chain and logistics services that improve clients’ revenue, cost, sustainability and customer experience objectives. ModusLink is a trusted and integrated provider to the world’s leading companies in consumer electronics, communications, computing, medical devices, software, luxury goods and retail. The Company’s operating infrastructure annually supports more than $80 billion of its clients’ revenue and manages approximately 470 million product shipments through more than 30 sites in 15 countries across North America, Europe, and the Asia/Pacific region. For details on ModusLink's flexible and scalable solutions visit www.moduslink.com and www.valueunchained.com, the blog for supply chain professionals. ModusLink Global Solutions is a registered trademark of ModusLink Global Solutions, Inc. All other company names and products are trademarks or registered trademarks of their respective companies.