INX Inc. Receives NASDAQ Notice of Non-Compliance; Intends to Request Hearing
October 15 2010 - 4:05PM
Business Wire
INX Inc. (the “Company”) today announced receipt of a
determination letter from the NASDAQ Listing Qualifications Staff
(the “Staff”), dated October 11, 2010, advising that the Company
remains non-compliant with the requirements for continued listing
on The NASDAQ Global Market due to its failure to timely file its
Annual Report on Form 10-K for the fiscal year ended December 31,
2009, and its Quarterly Reports on Form 10-Q for the quarters ended
March 31, and June 30, 2010, with the Securities and Exchange
Commission (the “SEC”). As a result, the notice indicates that the
Company’s common stock is subject to delisting from NASDAQ unless
the Company requests a hearing before a NASDAQ Listing
Qualifications Panel (the “Panel”).
Accordingly, the Company intends to timely request a hearing
before the Panel. The Company’s request for a hearing will
automatically stay any delisting action through at least November
2, 2010. In connection with its request for a hearing, the Company
will request that the Panel continue the stay of delisting until
the conclusion of the hearing process.
Following the hearing, the Panel has the authority under the
NASDAQ Listing Rules to grant the Company an exception within which
to regain compliance with the filing requirement for a period not
to exceed April 11, 2011. However, there can be no assurance that
the Panel will grant the Company a stay of the Staff’s delisting
determination until the conclusion of the hearing process or that
it will grant the additional time requested by the Company to
regain compliance with NASDAQ’s filing requirement.
As previously announced, the Company identified historical
accounting errors that require a restatement of its financial
statements reported on Form 10-K/A for the year ended December 31,
2008, the financial statements reported on Form 10-Q/A for the
quarterly period ended March 31, 2009 and the financial statements
reported on Form 10-Q for the quarterly periods ended June 30, 2009
and September 30, 2009. Due to the review and analysis of these
errors, the Company was unable to timely file the periodic reports
for the fiscal year ended December 31, 2009, and the subsequent
reports for the quarterly periods ended March 31 and June 30, 2010.
The Company continues to work towards the completion of all of the
periodic reports and intends to make all necessary filings as soon
as possible.
ABOUT INX INC.:
INX Inc. (NASDAQ: INXI) is a leading U.S. provider of IP
communications and data center solutions for enterprise
organizations. INX offers a suite of advanced technology solutions
focused around the entire lifecycle of enterprise IP network
communications and data center infrastructure. Services are
centered on the design, implementation and support of network
infrastructure, including routing and switching, wireless,
security, unified communications, and data center solutions such as
storage and server virtualization. Customers include enterprise
organizations such as corporations, as well as federal, state and
local governmental agencies. Additional information about INX can
be found on the Web at www.INXI.com.
SAFE HARBOR STATEMENT:
The statements contained in this document that are not
statements of historical fact including but not limited to,
statements identified by the use of terms such as “will,” and other
variations or negative expressions of these terms, are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on current expectations and are subject to a
number of risks and uncertainties. Actual results could differ
materially from the forward-looking statements contained herein due
to numerous factors.
Inx Inc. (MM) (NASDAQ:INXI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Inx Inc. (MM) (NASDAQ:INXI)
Historical Stock Chart
From Jul 2023 to Jul 2024