Technical Communications Corporation Reports Notice of Failure to Satisfy a NASDAQ Continued Listing Rule
February 22 2019 - 5:00PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced that on February 19, 2019, the company received notice
from the Nasdaq Listing Qualifications department of the Nasdaq
Stock Market that, because the Company had not yet filed its
Form 10-Q for the period ended December 29, 2018 (the “Filing”),
and because the Company remains delinquent in filing its Form 10-K
for the period ended September 29, 2018 (the “Initial Delinquent
Filing”), the Company was not in compliance with Nasdaq
continued listing Rule 5250(c)(1), which rule requires companies
with securities listed on Nasdaq to timely file all required
periodic reports with the U.S. Securities and Exchange
Commission. Pursuant to such notice, the company will have
until March 4, 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 due date of the filing, or until July
15, 2019, to regain compliance.
The company’s failure to timely file its
Quarterly Report on Form 10-Q for the fiscal quarter ended
December 29, 2018 and Annual Report on Form 10-K for fiscal year
ended September 29, 2018 is primarily due to certain changes to the
Company’s revenue recognition which have impacted the filing of its
2018 Form 10-K, Q1 2019 Form 10-Q and related financial statements,
and the reliance on certain other previously issued financial
statements. The Company will complete the required filings as
soon as practical after its current and former independent
public accounting firms review and complete the audits of such
financial statements. TCC is currently working with its current and
former independent registered public accounting firms to complete
such audits and restatements, and will provide information to
Nasdaq in its plan to regain compliance as to the expected filing
date of the annual report, although at this time the company does
not have an estimate as to the date such filing will be made.
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 30, 2017, March 31, 2018 and June 30, 2018 and its Annual
Report on Form 10-K for the fiscal year ended September 30, 2017
filed with the Commission and the “Risk Factors” section included
therein (as the same may be amended from time to time).
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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