Trimble receives expected delisting and deficiency notice from Nasdaq
Trimble Inc. (NASDAQ: TRMB) has received a staff delisting determination from Nasdaq due to non-compliance with timely filing requirements of periodic financial reports. The company failed to file Quarterly Reports on Form 10-Q for periods ending March, June, and September 2024 by the November 11 deadline. The delisting notice has no immediate effect on trading. Trimble plans to appeal before a Nasdaq Hearing Panel and seeks additional time to complete financial assessments with Ernst & Young LLP. Notably, management has not identified any errors requiring financial restatements, and EY has not withdrawn its previous audit report.
Trimble Inc. (NASDAQ: TRMB) ha ricevuto una determinazione di delisting dal personale di Nasdaq a causa della non conformità con i requisiti di deposito tempestivo dei rapporti finanziari periodici. L'azienda non ha presentato i Rapporti Trimestrali sul Modulo 10-Q per i periodi che si concludono a marzo, giugno e settembre 2024 entro la scadenza dell'11 novembre. Il preavviso di delisting non ha effetto immediato sul trading. Trimble prevede di fare appello davanti a un Comitato di udienza di Nasdaq e richiede ulteriore tempo per completare le valutazioni finanziarie con Ernst & Young LLP. È importante notare che la direzione non ha identificato errori che richiedano rettifiche finanziarie, e EY non ha ritirato il suo precedente rapporto di audit.
Trimble Inc. (NASDAQ: TRMB) ha recibido una determinación de deslistado por parte del personal de Nasdaq debido al incumplimiento de los requisitos de presentación oportuna de informes financieros periódicos. La empresa no presentó los Informes Trimestrales en el Formulario 10-Q para los períodos que finalizan en marzo, junio y septiembre de 2024 antes de la fecha límite del 11 de noviembre. La notificación de deslistado no tiene efecto inmediato en el comercio. Trimble planea apelar ante un Panel de Audiencia de Nasdaq y busca tiempo adicional para completar las evaluaciones financieras con Ernst & Young LLP. Cabe destacar que la dirección no ha identificado errores que requieran rectificaciones financieras, y EY no ha retirado su informe de auditoría anterior.
Trimble Inc. (NASDAQ: TRMB)은 정기 재무 보고서의 적시 제출 요건을 준수하지 않아 Nasdaq으로부터 직원 상장 폐지 결정을 받았습니다. 회사는 2024년 3월, 6월, 9월 종료 기간에 대한 10-Q 양식의 분기 보고서를 11월 11일 마감일까지 제출하지 않았습니다. 상장 폐지 통지는 거래에 즉각적인 영향을 미치지 않습니다. Trimble은 Nasdaq 청문 패널에 항소할 계획이며, Ernst & Young LLP와 함께 재무 평가를 완료할 추가 시간을 요청하고 있습니다. 특히, 경영진은 재무 재조정이 필요한 오류를 발견하지 못했으며, EY는 이전 감사 보고서를 철회하지 않았습니다.
Trimble Inc. (NASDAQ: TRMB) a reçu une décision de désinscription de la part du personnel de Nasdaq en raison de son non-respect des exigences de dépôt rapide des rapports financiers périodiques. L'entreprise n'a pas déposé les Rapports Trimestriels sur le Formulaire 10-Q pour les périodes se terminant en mars, juin et septembre 2024 avant la date limite du 11 novembre. La notification de désinscription n'a aucun effet immédiat sur le commerce. Trimble prévoit de faire appel devant un panel d'audience de Nasdaq et demande un délai supplémentaire pour compléter les évaluations financières avec Ernst & Young LLP. Il est à noter que la direction n'a pas identifié d'erreurs nécessitant des rectifications financières, et EY n'a pas retiré son précédent rapport d'audit.
Trimble Inc. (NASDAQ: TRMB) hat eine Entscheidung zur Delistung von Nasdaq erhalten, da die fristgerechte Einreichung von periodischen Finanzberichten nicht eingehalten wurde. Das Unternehmen hat die Quartalsberichte auf dem Formular 10-Q für die zum März, Juni und September 2024 endenden Zeiträume nicht bis zur Frist am 11. November eingereicht. Die Delistings-Mitteilung hat keine sofortige Auswirkung auf den Handel. Trimble plant, vor einem Nasdaq-Anhörungsausschuss Berufung einzulegen und beantragt zusätzliche Zeit, um die finanziellen Bewertungen mit Ernst & Young LLP abzuschließen. Es ist bemerkenswert, dass das Management keine Fehler identifiziert hat, die finanziell rückgängig gemacht werden müssten, und EY hat seinen vorherigen Prüfungsbericht nicht zurückgezogen.
- No errors identified that would require financial restatements
- EY has not withdrawn its previous audit report
- Company has opportunity to appeal and potentially extend compliance deadline
- Received Nasdaq delisting determination notice
- Failed to file three consecutive quarterly reports (Q1, Q2, Q3 2024)
- Identified material weaknesses in internal controls over financial reporting
- Risk of potential stock delisting from Nasdaq
Insights
The delisting notice from Nasdaq represents a significant regulatory challenge for Trimble, though several mitigating factors exist. The company has missed filing deadlines for three consecutive quarterly reports, but key positive indicators include: no identified financial restatements needed, EY hasn't withdrawn their previous audit report and there's a structured appeal process available.
The company's material weaknesses in internal controls triggered additional audit procedures, but the lack of identified errors in previous financial statements suggests this is primarily a procedural issue rather than indicative of financial impropriety. The 30-45 day hearing timeline and potential for extension provides a reasonable runway for resolution. However, investors should monitor this situation closely as continued listing compliance issues could impact institutional holding requirements and market confidence.
To date, management has not identified any errors that would require a restatement of financials
In addition, Nasdaq also informed the Company that it is delinquent in filing its Quarterly Report on Form 10-Q for the period ended September 27, 2024. The staff determination and the deficiency notice have no immediate effect and will not immediately result in the suspension of trading or delisting of the Company's securities.
The staff determination was issued because the Company had not filed the Quarterly Reports on Form 10-Q for the periods ended March 29, 2024, June 28, 2024 and September 27, 2024 by the November 11, 2024 deadline previously granted by Nasdaq.
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. 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.
The Company 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.
Based on the work to date, management has not identified any errors that would result in a restatement to the consolidated financial statements for the periods presented in the Company's Annual Report on Form 10-K, originally filed with the SEC on February 26, 2024, or for any previously released financial results. Furthermore, EY has not withdrawn its audit report on the financial statements included in the Company's Annual Report on Form 10-K.
Safe Harbor Statement
Certain statements made in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include statements regarding the Company's intention to appeal the staff determination and seek an extended stay; the Nasdaq delisting process; and the timing and expectations in connection with the Company's and EY's assessment process and the filing of the delayed periodic reports; as well as all statements that are not historical facts. While management has not identified any errors based on the work completed to date that would result in a restatement to the consolidated financial statements for the periods presented in the Company's Annual Report on Form 10-K, originally filed with the SEC on February 26, 2024, or for any previously released financial results, it is possible that errors could be discovered in the ongoing audit that could lead to such a restatement. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, the expected results of EY's completion of its additional audit procedures; the risk that the completion and filing of the delayed periodic reports will take longer than expected; the outcome of the Company's appeal of the staff determination and request for an extended stay; the duration of any extension that may be granted by Nasdaq; and the risk that the Company will be unable to meet Nasdaq's continued listing requirements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements set forth in reports filed with the SEC, including the Company's current reports on Form 8-K, quarterly reports on Form 10-Q and its annual report on Form 10-K. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the Company's position as of the date of this press release. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company's expectations or any change of events, conditions, or circumstances on which any such statement is based.
About Trimble
Trimble is transforming the ways people move, build and live. Core technologies in positioning, modeling and data analytics connect the digital and physical worlds to improve our customers' productivity, quality, safety, transparency and sustainability. For more information about Trimble (NASDAQ: TRMB), visit: www.trimble.com.
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SOURCE Trimble
FAQ
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