Immersion Receives Nasdaq Notice Related to Delayed Financial Filings
Company is working to file overdue Form 10-K and Form 10-Q reports to regain compliance
Immersion Corporation a leading provider of technologies for haptics, announced that it received a delinquency compliance alert notice (the “10-Q Nasdaq Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it did not timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended (the “Q2 Form 10-Q”).
As previously disclosed the Company received written notice (the “10-K Nasdaq Notification Letter”) from Nasdaq notifying the Company that it did not timely file its Annual Report on Form 10-K for the fiscal year ended (the “Form 10-K”), and on September the Company received written notice from Nasdaq notifying the Company that it did not timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended (the “Q1 Form 10-Q”). The Q1 Form 10-Q, the Q2 Form 10-Q, and the Form 10-K are required to be filed for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5250(c)(1). Under Nasdaq rules, the Company has to submit to Nasdaq by no later, an update to its original plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) which was previously submitted to Nasdaq.
As previously reported on the Company’s Notification of Late Filings on Form 12b-25, filed with the Securities and Exchange Commission (the “SEC”) Immersion and Barnes & Noble Education, Inc. (“BNED”), a consolidated subsidiary of the Company, were conducting audit committee investigations that will result in the restatement of previously-issued financial information (the “Restatement”). As a result of the investigations by the Immersion and BNED audit committees and the Company’s work with respect to the Restatement, management was unable to complete the Company’s financial reporting process and preparation of its financial statements for the fiscal quarters ended.
The Company is working diligently to complete the necessary work to file the Q1 Form 10-Q, the Q2 Form 10-Q, and the Form 10-K as soon as practicable to regain compliance with Nasdaq Listing Rule 5250(c)(1), but the Company’s ability to file the Q1 Form 10-Q, the Q2 Form 10-Q, and the Form 10-K remains subject to the consolidation of BNED’s financial information.
