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 February 17, 2021, indicating non-compliance due to the late filing of its Quarterly Report on Form 10-Q for the quarter ended December 26, 2020. This issue does not immediately affect the trading of its common stock.

The Company has 60 days to submit a compliance plan to Nasdaq and may receive an extension of up to 180 days if accepted. Key Tronic is actively working to file the necessary report within the prescribed timeline.

Positive

• Company has a plan to regain compliance with Nasdaq within 60 days.
• No immediate effect on the trading of KTCC stock.

Negative

• Late filing of the Form 10-Q raises concerns about financial reporting.
• Potential regulatory scrutiny due to the non-compliance notice.

SPOKANE VALLEY, Wash., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC) received on February 17, 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 quarter ended December 26, 2020 (the “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 (“SEC”).

The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market. Under Nasdaq’s Listing Rules, the Company has 60 calendar days from the date of the notice to submit a plan to regain compliance. If the plan is accepted by Nasdaq, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Form 10-Q to regain compliance. The Company is working diligently to file its Form 10-Q within the timeline prescribed by Nasdaq.

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.

Forward-Looking Statements: Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, those including such words as anticipates, continues, expects, intends, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this press release include, without limitation, the Company’s statements regarding its ability to file its Form 10-Q within the timeline prescribed by Nasdaq. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements including, but not limited to, the findings of the ongoing internal investigation by the Audit Committee of the Company’s Board of Directors, related actions by the SEC, accountants and other third parties, finalization of the Company’s financial statements and controls review, and factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

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

FAQ

What compliance issue did Key Tronic (KTCC) face in February 2021?

Key Tronic received a notice from Nasdaq for not filing its Quarterly Report on Form 10-Q on time.

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

Key Tronic has 60 days to submit a compliance plan and can get an extension of up to 180 days.

Will the non-compliance affect Key Tronic's stock trading?

No, the non-compliance notice does not have immediate effects on the trading of Key Tronic's stock.

When was the non-compliance notice issued to KTCC?

The non-compliance notice was issued on February 17, 2021.

What is the consequence of not filing the Form 10-Q for KTCC?

Failure to file the Form 10-Q may lead to further regulatory actions and affect the company's compliance status.