Technical Communications Corporation Reports Notice from Nasdaq Hearings Panel
October 16 2019 - 5:15PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced that on October 14, 2019, the Company received notice
that the Nasdaq Hearings Panel (the “Panel”) of The Nasdaq Stock
Market (“Nasdaq”) had granted the Company’s request for continued
listing on Nasdaq until December 13, 2019, subject to certain
conditions. Specifically, on or before December 13,
2019, the Company must file its Annual Report on Form 10-K for the
fiscal year ended September 28, 2019, which shall report over
$500,000 in net income from continuing operations in order to
regain compliance.
On June 25, 2019, the Company received notice
from the Nasdaq Listing Qualifications Department that it did not
comply with the minimum $2.5 million shareholders’ equity
requirement in Listing Rule 5550(b)(1) or meet the applicable
alternative standards. Pursuant to such notice, the Company
was granted until July 8, 2019 to submit a plan to Nasdaq to regain
compliance. The Company timely submitted such plan, but it
was not accepted by Nasdaq. The Company requested a hearing,
held on September 5, 2019, to discuss the Qualification
Department’s decision issued on July 16, 2019 to deny the Company’s
request for continued listing of its securities. The Panel’s
decision, as issued on October 14, 2019, followed such hearing and
grants the Company until December 13, 2019 to demonstrate
compliance with the net income alternative standard under the
Rule.
In order to fully comply with the terms of this
exception, the Company must be able to demonstrate compliance with
all requirements for continued listing on Nasdaq . In the event the
Company is unable to do so, its securities may be delisted.
About Technical Communications
Corporation
For 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
June 29, 2019, March 30, 2019 and December 29, 2018 and its Annual
Report on Form 10-K for the fiscal year ended September 29, 2018
and the “Risk Factors” section included therein.
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
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