CNET Networks Receives Nasdaq Staff Determination Letter Regarding Delayed Filing of Form 10-Q
November 15 2006 - 4:05PM
Business Wire
CNET Networks, Inc. (Nasdaq:CNET) announced that it received a
Nasdaq Staff Determination notice on November 13, 2006 stating that
the company was not in compliance with Nasdaq Marketplace Rule
4310(c)(14). The letter, which was expected, was issued in
accordance with Nasdaq procedures due to the company�s failure to
timely file its Form 10-Q with the Securities and Exchange
Commission (SEC) for its fiscal quarter ended September 30, 2006.
In response to a similar letter the company received in August 2006
following the company�s failure to file its Form 10-Q for the
quarter ended June 30, 2006, the company requested and was granted
a hearing on September 26, 2006 with the Nasdaq Listing
Qualifications Panel. The November 13, 2006 Nasdaq notice states
that the September 30, 2006 10-Q filing delinquency will serve as
an additional basis for delisting the company�s securities on the
Nasdaq Global Market and that the Nasdaq Listing Qualifications
Panel will consider this matter in rendering a determination
regarding the company�s continued listing on the Nasdaq Global
Market. Pending a decision by the hearing panel, CNET Networks�
common stock will continue to be listed on the Nasdaq Global
Market. There can be no assurance that the hearing panel will grant
the company�s request for continued listing. The company previously
announced that a Special Committee of the company's Board of
Directors completed an independent review of CNET Networks� past
stock option practices and related accounting. Management expects
that CNET Networks will restate its historical financial statements
to record non-cash charges for compensation expense relating to
past stock option grants. The company is�in the process of
preparing its restated financial statements which the company
expects to file with the Securities and Exchange Commission along
with its�delinquent Form 10-Qs as soon as practicable.
Forward-Looking Statements This press release contains
forward-looking statements concerning the company�s plans to remain
listed on the Nasdaq, to restate its historical financial
statements and to file delinquent quarterly reports on Form 10-Q
with the Securities and Exchange Commission. There can be no
assurance concerning the Nasdaq Listing Qualifications Panel
determination or the timing of the company�s restatement process.
Forward-looking statements are made as of the date of this press
release and, except as required by law, CNET Networks does not
undertake an obligation to update its forward-looking statements to
reflect future events or circumstances. About CNET Networks, Inc.
CNET Networks, Inc. is an interactive media company that builds
brands for people and the things they are passionate about, such as
gaming, music, entertainment, technology, business, food, and
parenting. The company�s leading brands include CNET, GameSpot,
TV.com, MP3.com, Webshots, CHOW, ZDNet and TechRepublic. Founded in
1993, CNET Networks has a strong presence in the US, Asia and
Europe. CNET Networks, Inc. (Nasdaq:CNET) announced that it
received a Nasdaq Staff Determination notice on November 13, 2006
stating that the company was not in compliance with Nasdaq
Marketplace Rule 4310(c)(14). The letter, which was expected, was
issued in accordance with Nasdaq procedures due to the company's
failure to timely file its Form 10-Q with the Securities and
Exchange Commission (SEC) for its fiscal quarter ended September
30, 2006. In response to a similar letter the company received in
August 2006 following the company's failure to file its Form 10-Q
for the quarter ended June 30, 2006, the company requested and was
granted a hearing on September 26, 2006 with the Nasdaq Listing
Qualifications Panel. The November 13, 2006 Nasdaq notice states
that the September 30, 2006 10-Q filing delinquency will serve as
an additional basis for delisting the company's securities on the
Nasdaq Global Market and that the Nasdaq Listing Qualifications
Panel will consider this matter in rendering a determination
regarding the company's continued listing on the Nasdaq Global
Market. Pending a decision by the hearing panel, CNET Networks'
common stock will continue to be listed on the Nasdaq Global
Market. There can be no assurance that the hearing panel will grant
the company's request for continued listing. The company previously
announced that a Special Committee of the company's Board of
Directors completed an independent review of CNET Networks' past
stock option practices and related accounting. Management expects
that CNET Networks will restate its historical financial statements
to record non-cash charges for compensation expense relating to
past stock option grants. The company is in the process of
preparing its restated financial statements which the company
expects to file with the Securities and Exchange Commission along
with its delinquent Form 10-Qs as soon as practicable.
Forward-Looking Statements This press release contains
forward-looking statements concerning the company's plans to remain
listed on the Nasdaq, to restate its historical financial
statements and to file delinquent quarterly reports on Form 10-Q
with the Securities and Exchange Commission. There can be no
assurance concerning the Nasdaq Listing Qualifications Panel
determination or the timing of the company's restatement process.
Forward-looking statements are made as of the date of this press
release and, except as required by law, CNET Networks does not
undertake an obligation to update its forward-looking statements to
reflect future events or circumstances. About CNET Networks, Inc.
CNET Networks, Inc. is an interactive media company that builds
brands for people and the things they are passionate about, such as
gaming, music, entertainment, technology, business, food, and
parenting. The company's leading brands include CNET, GameSpot,
TV.com, MP3.com, Webshots, CHOW, ZDNet and TechRepublic. Founded in
1993, CNET Networks has a strong presence in the US, Asia and
Europe.
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