Summary
TASER International, Inc. (now Axon Enterprise, Inc.) filed an 8-K on May 19, 2006, to address a temporary non-compliance with NASDAQ listing rules. The company failed to file its Form 10-Q for the quarter ended March 31, 2006, by the deadline. This delay was attributed to the need for additional time to analyze and correct previously disclosed errors concerning the application of indirect manufacturing expense to inventory. Fortunately, the company filed the delinquent Form 10-Q on May 18, 2006. NASDAQ's Listing Qualification department reviewed the filing and confirmed that TASER International is now in compliance with Marketplace Rule 4310(c)(14), which requires timely SEC filings. The matter is now considered closed by NASDAQ, mitigating immediate concerns about delisting.
Key Highlights
- 1TASER International, Inc. received a notice from NASDAQ regarding non-compliance with listing rules due to a late Form 10-Q filing for Q1 2006.
- 2The delay in filing was caused by the need to correct errors related to the accounting treatment of indirect manufacturing expenses in inventory.
- 3The company filed the delinquent Form 10-Q on May 18, 2006, one day before this 8-K filing.
- 4NASDAQ has reviewed the late filing and confirmed that TASER International is now in compliance with listing requirements.
- 5The issue of non-compliance with NASDAQ Marketplace Rule 4310(c)(14) has been resolved and is now closed.
- 6The timely resolution of this filing issue averted any immediate threat of delisting from the NASDAQ stock exchange.