Key Tronic Corporation Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

Key Tronic Corporation (Nasdaq: KTCC) received a notice from Nasdaq on May 19, 2021, for failing to file its Quarterly Report on Form 10-Q for the period ending April 3, 2021, and the previous report for the period ending December 26, 2020. This situation places the company in non-compliance with Nasdaq Listing Rule 5250(c)(1) related to timely financial report submissions. However, there is no immediate impact on KTCC's stock listing or trading. The company can submit a plan to regain compliance and potentially receive up to 180 days, until August 16, 2021, to rectify the situation.

Positive

• The Nasdaq notice does not currently affect the listing or trading of KTCC's shares.
• KTCC has the opportunity to submit a compliance plan, which may grant them up to 180 days to regain compliance.

Negative

• KTCC is currently non-compliant with Nasdaq Listing Rule 5250(c)(1) due to missed filing deadlines.

SPOKANE VALLEY, Wash., May 25, 2021 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC) received on May 19, 2021 a standard notice from Nasdaq indicating that, as a result of not having timely filed its Quarterly Report on Form 10-Q for the period ended April 3, 2021, and because the Company has not yet filed its Form 10-Q for the period ended December 26, 2020 (the “Second Quarter Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission.

The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market. The Notice provides that the Company must submit an update to its original plan to regain compliance with Nasdaq Listing Rule 5250(c)(1). If the plan is accepted by Nasdaq, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Second Quarter Form 10-Q, or August 16, 2021, to regain compliance.

About Key Tronic

Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

CONTACTS:	Brett Larsen	Michael Newman
	Chief Financial Officer	Investor Relations
	Key Tronic Corporation	StreetConnect
	(509) 927-5500	(206) 729-3625

FAQ

What is the recent Nasdaq notice for Key Tronic Corporation (KTCC)?

On May 19, 2021, Nasdaq notified Key Tronic that it is non-compliant with its listing rules due to late filings.

How long does Key Tronic have to regain compliance with Nasdaq?

Key Tronic can have up to 180 days from August 16, 2021, to regain compliance after submitting a plan.

What financial reports did Key Tronic fail to file?

Key Tronic failed to file its Quarterly Reports on Form 10-Q for the periods ending April 3, 2021, and December 26, 2020.