Powerfleet Announces Receipt of Expected Delinquency Notification Letters from Nasdaq Relating to Non-Compliance with Nasdaq Listing Rule 5250(c)(1)
Powerfleet (Nasdaq: AIOT) has received expected delinquency notification letters from Nasdaq due to non-compliance with Listing Rule 5250(c)(1). The company failed to timely file its Transition Report on Form 10-KT for the period ended March 31, 2024, and its Quarterly Report on Form 10-Q for Q2 2024. The delay is attributed to an SEC comment letter regarding the determination of the accounting acquirer in the recent business combination with MiX Telematics
Powerfleet has 60 calendar days (until October 7, 2024) to submit a compliance plan to Nasdaq. The company has already submitted its response to the SEC and aims to resolve the matter within August 2024. Powerfleet's common stock will continue trading on Nasdaq during this grace period, subject to other listing requirements.
Powerfleet (Nasdaq: AIOT) ha ricevuto lettere di notifica di insolvenza previste da Nasdaq a causa della non conformità con la Regola di quotazione 5250(c)(1). L'azienda non è riuscita a presentare tempestivamente il suo Rapporto di Transizione sul modulo 10-KT per il periodo terminato il 31 marzo 2024 e il suo Rapporto Trimestrale sul modulo 10-Q per il secondo trimestre del 2024. Il ritardo è attribuito a una lettera di commento della SEC riguardante la determinazione dell'acquirente contabile nella recente combinazione aziendale con MiX Telematics.
Powerfleet ha 60 giorni di calendario (fino al 7 ottobre 2024) per presentare un piano di conformità a Nasdaq. L'azienda ha già inviato la propria risposta alla SEC e mira a risolvere la questione entro agosto 2024. Le azioni ordinarie di Powerfleet continueranno a essere scambiate su Nasdaq durante questo periodo di grazia, soggette ad altre esigenze di quotazione.
Powerfleet (Nasdaq: AIOT) ha recibido cartas de notificación de incumplimiento esperadas de Nasdaq debido al incumplimiento de la Regla de Cotización 5250(c)(1). La compañía no presentó a tiempo su Informe de Transición en el Formulario 10-KT por el período terminado el 31 de marzo de 2024 y su Informe Trimestral en el Formulario 10-Q para el segundo trimestre de 2024. El retraso se atribuye a una carta de comentarios de la SEC sobre la determinación del adquirente contable en la reciente combinación de negocios con MiX Telematics.
Powerfleet tiene 60 días calendario (hasta el 7 de octubre de 2024) para presentar un plan de cumplimiento a Nasdaq. La compañía ya ha enviado su respuesta a la SEC y espera resolver el asunto en agosto de 2024. Las acciones ordinarias de Powerfleet continuarán cotizándose en Nasdaq durante este período de gracia, sujeto a otros requisitos de cotización.
파워플릿(Powerfleet, Nasdaq: AIOT)은 나스닥(Nasdaq)의 상장 규칙 5250(c)(1) 위반으로 인해 예상 연체 통지서를 받았습니다. 이 회사는 2024년 3월 31일로 종료된 기간에 대한 10-KT 양식 전환 보고서와 2024년 2분기에 대한 10-Q 양식 분기 보고서를 제때 제출하지 못했습니다. 지연은 MiX Telematics와의 최근 사업 결합에서 회계 인수자의 결정에 관한 SEC의 코멘트 서한 때문입니다.
파워플릿은 나스닥에 60일 (2024년 10월 7일까지) 이행 계획을 제출해야 합니다. 이 회사는 이미 SEC에 대한 응답을 제출하였으며 2024년 8월 내에 문제를 해결할 계획입니다. 파워플릿의 보통 주식은 이 유예 기간 동안 나스닥에서 계속 거래될 것이며, 기타 상장 요구 사항의 적용을 받습니다.
Powerfleet (Nasdaq: AIOT) a reçu des lettres de notification de délinquance attendues de la part de Nasdaq en raison de la non-conformité à la règle de cotation 5250(c)(1). L'entreprise n'a pas réussi à déposer à temps son rapport de transition sur le formulaire 10-KT pour la période se terminant le 31 mars 2024 et son rapport trimestriel sur le formulaire 10-Q pour le deuxième trimestre de 2024. Le retard est attribué à une lettre de commentaire de la SEC concernant la détermination de l'acquéreur comptable dans la récente combinaison d'entreprises avec MiX Telematics.
Powerfleet a 60 jours calendrier (jusqu'au 7 octobre 2024) pour soumettre un plan de conformité à Nasdaq. L'entreprise a déjà soumis sa réponse à la SEC et vise à résoudre cette affaire d'ici août 2024. Les actions ordinaires de Powerfleet continueront à être négociées sur Nasdaq pendant cette période de grâce, sous réserve des autres exigences de cotation.
Powerfleet (Nasdaq: AIOT) hat von Nasdaq erwartete Mitteilungen über Verzug erhalten, weil die Listing-Regel 5250(c)(1) nicht eingehalten wurde. Das Unternehmen hat es versäumt, rechtzeitig seinen Übergangsbericht im Formular 10-KT für den Zeitraum bis zum 31. März 2024 sowie seinen Quartalsbericht im Formular 10-Q für das 2. Quartal 2024 einzureichen. Die Verzögerung wird auf ein Kommentar-Schreiben der SEC zurückgeführt, das die Bestimmung des buchhalterischen Erwerbers im Rahmen der jüngsten Unternehmensfusion mit MiX Telematics betrifft.
Powerfleet hat 60 Kalendertage (bis zum 7. Oktober 2024), um einen Compliance-Plan bei Nasdaq einzureichen. Das Unternehmen hat bereits seine Antwort an die SEC eingereicht und strebt an, die Angelegenheit bis August 2024 zu klären. Die Stammaktien von Powerfleet werden während dieser Karenzzeit weiterhin an der Nasdaq gehandelt, unter der Voraussetzung, dass andere Zulassungsanforderungen erfüllt werden.
- Company targets to resolve the SEC comment issue within August 2024
- Common stock continues to trade on Nasdaq during the 60-day grace period
- Failure to timely file Form 10-KT and Form 10-Q
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Risk of potential delisting if compliance plan is not accepted or implemented
Insights
This notification from Nasdaq is a standard procedure when a company fails to file required reports on time. While it's not an immediate crisis, it does raise compliance concerns. The root cause here is a non-cash accounting issue related to the recent MiX Telematics acquisition, which is currently under SEC review.
Positively, Powerfleet has already submitted its response to the SEC and expects resolution within August. This proactive approach and clear timeline are reassuring. However, investors should note that if unresolved by October 7, Powerfleet must submit a compliance plan to Nasdaq, potentially leading to more serious consequences.
The company's assertion that this issue won't impact operating performance or cash flows is crucial, suggesting the core business remains sound. Still, prolonged listing issues can affect investor confidence and stock liquidity. Shareholders should monitor the situation closely but avoid overreaction to what appears to be a temporary, technical issue.
From a legal standpoint, Powerfleet's situation is not uncommon but requires careful navigation. The company is facing a technical non-compliance with Nasdaq's listing rules due to delayed filings, triggered by an ongoing SEC inquiry. This scenario often arises during complex transactions like Powerfleet's recent business combination with MiX Telematics.
Crucially, Powerfleet has 60 days to submit a compliance plan to Nasdaq, a standard grace period. Their proactive engagement with the SEC and stated intention to resolve the matter swiftly are positive legal strategies. However, if the issue persists beyond October, Powerfleet could face more severe consequences, including potential delisting proceedings.
Investors should be aware that while this is primarily an administrative hurdle, prolonged non-compliance can lead to more significant legal and financial ramifications. The company's transparency in its communications is a good sign, but the situation warrants ongoing attention.
Submitted response to previously announced SEC comment letter involving non-cash accounting issue; targeting to resolve matter within the month of August
Under Nasdaq rules, the Company has 60 calendar days from the date of Nasdaq's initial written notice, or October 7, 2024, to submit to Nasdaq a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1).
As previously announced, the delay in the filing of the Form 10-KT and Form 10-Q follows the Company's receipt of a comment letter from the Securities and Exchange Commission (the "SEC") regarding the Company's determination of the accounting acquirer in the recent business combination with MiX Telematics Limited, an issue that is not expected to have any impact on the Company's operating performance or cash flows. The Company is actively collaborating with its auditors and legal advisors to address the SEC's comment and has submitted its response to the SEC's comment. The Company targets to resolve this matter within the month of August. The Company expects to file the Form 10-KT and Form 10-Q promptly following resolution of the SEC's comment to regain compliance with Nasdaq Listing Rule 5250(c)(1).
The Company's common stock will continue to be listed and traded on The Nasdaq Global Market during the 60-day grace period, subject to its compliance with the other continued listing requirements of The Nasdaq Global Market.
ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; JSE: PWR; TASE: PWFL) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and integration of data, irrespective of source, and delivers actionable insights to help companies save lives, time, and money. Powerfleet's ethos transcends our data ecosystem and commitment to innovation; our people-centric approach empowers our customers to realize impactful and sustained business improvement. The company is headquartered in
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of federal securities laws. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. For example, forward-looking statements include, without limitation, statements regarding the Company's anticipated filing of the Form 10-KT and Form 10-Q. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees and are subject to risks described in the Company's filings with the SEC, including but not limited to those described under the heading "Risk Factors" in its annual reports on Form 10-K, quarterly reports on Form 10-Q and any other filings made with the SEC from time to time, which are available via the SEC's website at http://www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date of this press release, and, unless otherwise required by applicable law, the Company assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com
Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999
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SOURCE Powerfleet
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