SALT LAKE CITY, April 10, 2018 /PRNewswire/ -- ClearOne (NASDAQ:
CLRO), a global provider of audio and visual communications
solutions, today announced, in accordance with NASDAQ Rules and as
previously disclosed on Form 8-K today, that it received a
notification letter from staff of the NASDAQ Listing Qualifications
Department, dated April 4, 2018,
stating that ClearOne is not in compliance with NASDAQ Listing Rule
5250(c)(1), which requires timely filing of periodic reports with
the Securities and Exchange Commission (SEC). The letter was
issued in accordance with standard NASDAQ procedure under NASDAQ
Listing Rules.
As previously announced, the filing of ClearOne's Annual
Report on Form 10-K for the fiscal year ended December 31, 2017 (the "Annual Report") was
further delayed as the company and its independent auditors need
additional time to complete the Annual Report and audit of the
company's financial statements relating to recent changes in tax
law, goodwill and intangibles impairment previously reported in the
last Quarterly Report Form 10-Q and updating the capitalization of
legal costs related to patent litigation, among other things. The
company intends to file its Annual Report with the SEC as soon as
possible and continues to work diligently to finalize its financial
statements and expects the Annual Report to be filed next week.
ClearOne has 60 calendar days, or until June 4, 2018, to submit to NASDAQ a plan to
regain compliance with the NASDAQ Listing Rules. As previously
discussed, ClearOne intends to file its Annual Report with SEC as
soon as possible and before the plan has to be submitted to NASDAQ
to regain compliance.
About ClearOne
ClearOne is a global company that designs, develops and sells
conferencing, collaboration, and network streaming solutions for
voice and visual communications. The performance and simplicity of
its advanced comprehensive solutions offer unprecedented levels of
functionality, reliability and scalability.
Printable releases are available in our Investor Relations area
at http://investors.clearone.com.
Contact:
ClearOne Marketing
801-975-7200
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SOURCE ClearOne