CLEARWATER, Fla., Oct. 2, 2013 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) (the "Company") today announced that on October 1, 2013, it received a letter from the NASDAQ Listing Qualifications Department ("Nasdaq") notifying the Company that it has not regained compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule"), in pertinent part, the continued listing requirement to timely file all required periodic reports with the Securities and Exchange Commission, and, therefore, that the Company's common stock would be subject to delisting unless the Company timely requests a hearing before a Nasdaq Listing Qualifications Panel (the "Panel").
The Company intends to timely request a hearing before the Panel. At the hearing, the Company will present its plan for regaining compliance with the Rule, and request continued listing pending its return to compliance. The hearing request automatically stays the delisting for a period of 15 calendar days from the date of the request. In addition, in connection with its request for a hearing, the Company will request that the Panel continue the stay of delisting until the conclusion of the hearing process. The Panel has the discretion to grant the Company an extension of time within which to regain compliance with the Rule for a period not to exceed 360 days from the original due date for the first late filing, or March 27, 2014. There can be no assurance that the Panel will grant the Company's request for a stay of delisting pending the hearing or its request to extend the time within which to regain compliance with the Rule and for continued listing.
As previously reported, the Company is not in compliance with the Rule because it did not timely file its Annual Report on Form 10-K for the fiscal year ended January 31, 2013, and its Quarterly Reports on Form 10-Q for the fiscal quarters ended April 30, 2013 and July 31, 2013. The failures to timely file these reports are due to a pending restatement of financial statements and related investigation previously disclosed in a Current Report on Form 8-K dated March 21, 2013. Further information regarding these matters is disclosed in Current Reports on Form 8-K dated April 1, 2013 and April 3, 2013, and in Forms 12b-25 dated April 1, 2013, June 10, 2013 and September 9, 2013.