Telos Corporation Announces the Notice Received from the NASDAQ Stock Market

Rhea-AI Summary

Telos Corporation (NASDAQ: TLS) received a notice from NASDAQ on March 17, 2022, due to non-compliance with filing requirements after failing to submit its Form 10-K by the March 16 deadline. The notice does not affect the trading of shares immediately. Telos has 60 days, until May 15, 2022, to submit a plan to regain compliance, which may grant an extension of up to 180 days to rectify the issue. The company aims to file the 2021 10-K and present a compliance plan to NASDAQ by the deadline.

Positive

• Company has a structured plan to regain compliance with NASDAQ regulations.
• Trading of shares continues unaffected for the time being.

Negative

• Failure to file Form 10-K by the deadline raises concerns about financial reporting practices.
• Non-compliance could lead to potential delisting if issues are not resolved within the granted timeframe.

ASHBURN, Va., March 18, 2022 (GLOBE NEWSWIRE) -- Telos® Corporation (Nasdaq: TLS) (the "Company"), today announced that it received a Notice (the “Notice”) from the NASDAQ Stock Market on March 17, 2022 notifying the Company that, because its Form 10-K for the fiscal year ended December 31, 2021 (the "2021 10-K") was not filed with the Securities and Exchange Commission by the required due date of March 16, 2022, the Company is not in compliance with the periodic filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1).

This Notice has no immediate effect on the listing or trading of the Company's shares. NASDAQ has provided the Company with 60 calendar days, until May 15, 2022, to submit a plan to regain compliance. If NASDAQ accepts the Company's plan, then NASDAQ may grant the Company up to 180 days from the prescribed due date for the 2021 10-K , or September 12, 2022, to regain compliance. In response to the Notice, as promptly as possible and in any event no later than the deadline for submission of the Company’s plan to regain compliance, the Company intends to i) file the 2021 10-K, and ii) submit a plan to NASDAQ that outlines, as definitively as possible, the steps the Company will take to promptly file the 2021 10-K.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Telos Corporation
Telos Corporation (NASDAQ: TLS) empowers and protects the world’s most security-conscious organizations with solutions for continuous security assurance of individuals, systems, and information. Telos’ offerings include cybersecurity solutions for IT risk management and information security; cloud security solutions to protect cloud-based assets and enable continuous compliance with industry and government security standards; and enterprise security solutions for identity and access management, secure mobility, organizational messaging, and network management and defense. The company serves commercial enterprises, regulated industries and government customers around the world. 

Media:
Mia Wilcox
media@telos.com 
(610) 564-6773

Investors:
InvestorRelations@telos.com 
(703) 724-4777

FAQ

What is the reason for Telos Corporation's NASDAQ notice?

Telos Corporation received a NASDAQ notice due to the late filing of its Form 10-K for the fiscal year ending December 31, 2021.

What are the consequences of Telos Corporation's NASDAQ notice?

The notice indicates non-compliance with NASDAQ's periodic filing requirements, which could lead to delisting if not resolved.

How long does Telos Corporation have to regain NASDAQ compliance?

Telos Corporation has 60 days, until May 15, 2022, to submit a compliance plan, with a potential extension of up to 180 days.

What steps is Telos Corporation taking to address the NASDAQ notice?

Telos intends to file the 2021 10-K and submit a detailed plan to NASDAQ outlining steps to regain compliance.