Trimble Inc. (TRMB, Financial) has announced that it received a notification from The Nasdaq Stock Market LLC regarding its failure to file required quarterly reports on time. The company has not submitted its Quarterly Report on Form 10-Q for the period ended September 27, 2024, as well as reports for the first and second quarters of 2024. This delay has prompted Nasdaq to initiate a process that could potentially lead to the delisting of Trimble's common stock.
The Nasdaq Notice, received on November 13, 2024, indicates that Trimble is not in compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely filing of periodic financial reports with the SEC. However, the notice and the subsequent Staff Determination do not immediately affect the trading or listing status of Trimble's securities.
In response, Trimble plans to appeal the Staff Determination before a Nasdaq Hearing Panel. The company is seeking a stay on any suspension or delisting actions during the hearing process. Trimble is collaborating with its independent registered public accounting firm, Ernst & Young LLP, to address internal control issues and complete the necessary financial assessments.
Previously, Nasdaq had extended the deadline to November 11, 2024, for Trimble to file its overdue reports and regain compliance. Despite the company's efforts, the filings remain pending. Trimble has until November 20, 2024, to request a hearing, which will automatically delay any suspension for 15 days. Hearings are typically scheduled 30 to 45 days after a request, and the Nasdaq Hearing Panel's decision can be further appealed to the Nasdaq Listing Council.
Trimble is committed to filing the delayed reports as soon as possible to meet Nasdaq's requirements. However, there is no guarantee that the filings will be completed before the hearing or that the company will successfully regain compliance with Nasdaq Listing Rules.
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