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Nasdaq grants Design Within Reach additional filing extension
28 Nov '06
2 min read
Design Within Reach Inc announced that the Nasdaq Listing Qualifications Panel has granted the Company continued listing on The Nasdaq Global Market.
Design Within Reach's continued listing is subject to certain conditions, including the following: (1) on or before January 15, 2007, the Company must file its quarterly report on Form 10-Q for the period ended July 1, 2006, as well as any necessary restatements of prior periods.
(2) on or before January 26, 2007, the Company must file its quarterly report on Form 10-Q for the period ended September 30, 2006.
The Panel has advised the Company that should it be unable to meet the deadline, it will issue a determination to delist the Company's shares from The Nasdaq Stock Market.
The Company previously reported that it received notice on November 14, 2006 from The Nasdaq Stock Market Inc.
Listing Qualifications Staff of an additional basis of non-compliance with the Nasdaq rules due to the Company's failure to file its quarterly report on Form 10-Q for the quarter ended September 30, 2006 on a timely basis.
The Company previously reported its delay in filing its quarterly report on Form 10-Q for the quarter ended July 1, 2006.
Design Within Reach's late filings of its quarterly reports on Form 10-Q for the quarters ended July 1, 2006 and September 30, 2006 are due to turnover in management in the finance department and the previously disclosed material weaknessesin internal controls over financial reporting, which resulted in the Company's inability to complete the reconciliation of a difference between the accrued inventory sub-ledger and the general ledger.
Design Within Reach's continued listing is subject to certain conditions, including the following: (1) on or before January 15, 2007, the Company must file its quarterly report on Form 10-Q for the period ended July 1, 2006, as well as any necessary restatements of prior periods.
(2) on or before January 26, 2007, the Company must file its quarterly report on Form 10-Q for the period ended September 30, 2006.
The Panel has advised the Company that should it be unable to meet the deadline, it will issue a determination to delist the Company's shares from The Nasdaq Stock Market.
The Company previously reported that it received notice on November 14, 2006 from The Nasdaq Stock Market Inc.
Listing Qualifications Staff of an additional basis of non-compliance with the Nasdaq rules due to the Company's failure to file its quarterly report on Form 10-Q for the quarter ended September 30, 2006 on a timely basis.
The Company previously reported its delay in filing its quarterly report on Form 10-Q for the quarter ended July 1, 2006.
Design Within Reach's late filings of its quarterly reports on Form 10-Q for the quarters ended July 1, 2006 and September 30, 2006 are due to turnover in management in the finance department and the previously disclosed material weaknessesin internal controls over financial reporting, which resulted in the Company's inability to complete the reconciliation of a difference between the accrued inventory sub-ledger and the general ledger.
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