ModusLink Global Solutions ™, Inc. (NASDAQ: MLNK) today announced that the NASDAQ Hearings Panel has granted the Company’s request to extend the stay of suspension of trading of the Company’s common stock pending completion of the hearing process and a final determination regarding continued listing. The Company received the extension by a letter received on December 31, 2012.
The Company is working to complete its previously announced process to restate financial results for certain prior periods and become current in its periodic report filings with the Securities and Exchange Commission. As disclosed on December 13, 2012, the Company received a letter from NASDAQ advising that because the Company remains noncompliant with the filing requirements for continued listing, the Company’s common stock is subject to suspension under NASDAQ Listing Rule 5250(c)(1). The Company exercised its right to appeal this determination and a hearing before NASDAQ’s Hearings Panel was granted by NASDAQ, and has been scheduled for January 31, 2013. The request for the hearing triggered a stay of the suspension for 15 days and the latest action by the NASDAQ Hearings Panel extends that stay until the hearing is held and a final determination is made. The Company will provide an update regarding its continued listing status after its hearing is conducted before the NASDAQ Hearings Panel and once a decision on the matter has been reached.
About ModusLink Global Solutions
ModusLink 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.