Corporate Resource Services, Inc. (NASDAQ:CRRS), a diversified technology, staffing, recruiting and consulting services firm, today announced that on May 28, 2014, it received a non-compliance letter from The NASDAQ Stock Market LLC stating that the company was not in compliance with NASDAQ Listing Rule 5250( c )(1) because the company has not timely filed its Quarterly Report on Form 10-Q for the quarterly period ended April 4, 2014. The Form 10-Q was required to be filed with the Securities and Exchange Commission on May 20, 2014. The notification has no immediate effect on the listing or trading of the company's common stock on the NASDAQ Stock Market.
The NASDAQ letter indicates that the company has until June 23, 2014, to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the initial due date of the Form 10-K, or up until October 20, 2014, to regain compliance.
As previously announced, the Form 10-K filing for the year-ended January 3, 2014 has been delayed as a result of a late year change in auditors. The Company intends to file its 10-K with the Securities and Exchange Commission as soon as practicable and in advance of the June 23, 2014 plan submission due date, and may require additional time to complete its quarterly report on Form 10-Q for the quarter ended April 4, 2014. Upon filing its Form 10-Q for the period ended April 4, 2014, the Company expects to be in compliance with NASDAQ’s continued listing standards.
About Corporate Resource Services, Inc.:Corporate Resource Services, Inc. provides cloud-based enterprise applications and hosting services to PEO and staffing companies, as well as diversified staffing, recruiting, and consulting services. The Company offers trained employees in the areas of Insurance, Information Technology, Accounting, Legal, Engineering, Science, Healthcare, Life Sciences, Creative Services, Hospitality, Retail, General Business and Light Industrial work. The company’s blended staffing solutions are tailored to our customers’ needs and can include customized employee pre-training and testing, on-site facilities management, vendor management, risk assessment and management, market analyses and productivity/occupational engineering studies.