Nasdaq warns Trimble over financial reporting timeliness

WESTMINSTER — Nasdaq recently warned industrial technology company Trimble Inc. (Nasdaq: TRMB) that it could face delisting over a compliance issue related to a delayed Form 10-Q filing. 

“The company intends to appeal the staff determination before a Nasdaq Hearing Panel and seek a further stay of any suspension or delisting action pending the hearing process in accordance with the procedures set forth in the staff determination. Hearings are typically scheduled to occur 30 to 45 days after the date of the request,” Trimble said in a regulatory disclosure. “Following the hearing, the Hearing Panel will issue a decision, which the company may further appeal to the Nasdaq Listing Council for review. The company believes it is well positioned, although not guaranteed, to be granted an extension. This would provide the company and Ernst & Young LLP, the company’s independent registered public accounting firm, additional time to complete their work and for the company to file its financials, thereby regaining compliance with the Nasdaq Listing Rule.”

Trimble said it “is working diligently with EY to complete the previously disclosed assessment of the impacts related to the company’s internal controls over financial reporting as soon as practicable. EY has been performing and continues to perform incremental audit procedures responsive to the identified material weaknesses.”

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