Technical Communications Corporation Reports Notice of Failure to Satisfy a NASDAQ Continued Listing Rule and Notice of Comp...
28 Juin 2019 - 11:00PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced that on June 25, 2019, the company received notice from
the Nasdaq Listing Qualifications department of the Nasdaq Stock
Market (“Nasdaq”) that because the company failed to maintain a
minimum of $2,500,000 in stockholders’ equity, and since the
company does not meet the alternatives of market value of listed
securities or net income from continuing operations, the company no
longer complies with Listing Rule 5550(b) for continued listing.
Pursuant to such notice, the company will have until July 8, 2019
to submit a plan to Nasdaq to regain compliance; if the plan is
accepted, Nasdaq can grant an exception of up to 180 days from the
date of the notice to regain compliance.
As a result of the recent restatement of the
financial statements of the Company, TCC has been out of compliance
with the stockholders’ equity requirement since March 31, 2018 and
has remained out of compliance since such time. The company is
currently working on alternatives to raise equity, and will provide
information to Nasdaq in its plan to regain compliance as to the
expected timing of such events, although at this time the company
does not have an estimate as to when that may occur.
Also on June 25, 2019, TCC received notice from
Nasdaq that based on the filing of its delinquent annual and
quarterly reports on June 24, 2019, the company had regained
compliance with Nasdaq Listing Rule 5250(c)(1) requiring the
company to timely file all required periodic reports with the U.S.
Securities and Exchange Commission. The Nasdaq Staff has determined
that the company now complies with such rule.
About Technical Communications
CorporationFor over 50 years, TCC has specialized in
superior-grade secure communications systems and customized
solutions, supporting our CipherONE® best-in-class criteria,
to protect highly sensitive voice, data and video transmitted over
a wide range of networks. Government entities, military agencies
and corporate enterprises in 115 countries have selected TCC's
proven security to protect their communications. Learn
more: www.tccsecure.com.
Statements made in this press release or as may
otherwise be incorporated by reference herein constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include but are not limited to statements regarding
anticipated operating results, future earnings, and the ability to
achieve growth and profitability. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors,
including but not limited to the effect of foreign political
unrest; domestic and foreign government policies and economic
conditions; future changes in export laws or regulations; changes
in technology; the ability to hire, retain and motivate technical,
management and sales personnel; the risks associated with the
technical feasibility and market acceptance of new products;
changes in telecommunications protocols; the effects of changing
costs, exchange rates and interest rates; and the Company's ability
to secure adequate capital resources. Such risks, uncertainties and
other factors could cause the actual results, performance or
achievements of the Company, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. For a more
detailed discussion of the risks facing the Company, see the
Company’s filings with the Securities and Exchange Commission,
including its Quarterly Reports on Form 10-Q for the quarters ended
December 29, 2018 and March 30, 2019 and its Annual Report on Form
10-K for the fiscal year ended September 29, 2018 filed with the
Commission and the “Risk Factors” section included therein (as the
same may be amended from time to time).
Technical Communications Corporation100 Domino
DriveConcord, MA 01742 – 2892
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
Technical Communications (NASDAQ:TCCO)
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