01—Abstract
Summary
Summary of the 8-K filed November 24, 2008. Cited figures are marked; the original filing is the authoritative source.
Cadence Design Systems, Inc. (CDNS) filed an 8-K on November 24, 2008, to disclose receipt of a non-compliance notice from The NASDAQ Stock Market (Nasdaq).
The company is not in compliance with listing rules due to its failure to file its Quarterly Report on Form 10-Q for the quarter ended September 27, 2008, in a timely manner. This delay is attributed to an ongoing investigation by the company's Audit Committee and its independent counsel. Cadence has been formally notified by Nasdaq and is required to regain compliance.
The company has until January 19, 2009, to submit a plan to Nasdaq outlining how it intends to rectify the situation and return to compliance with listing requirements. Cadence stated it will file the overdue Form 10-Q as soon as practicable.
02—Key points
Key Highlights
- Cadence Design Systems received a notice from Nasdaq indicating non-compliance with listing requirements due to a delayed Form 10-Q filing.
- The delayed filing is linked to an ongoing internal investigation by Cadence's Audit Committee and independent counsel.
- Cadence has until January 19, 2009, to submit a plan to regain compliance with Nasdaq listing rules.
- The company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended September 27, 2008.
- Cadence is committed to filing the Form 10-Q as soon as possible.
03—Questions
Frequently Asked Questions
Why is Cadence Design Systems not in compliance with Nasdaq listing rules?
Cadence Design Systems is not in compliance because it failed to file its Quarterly Report on Form 10-Q for the period ending September 27, 2008, within the required timeframe.
What is causing the delay in filing the Form 10-Q?
The delay is related to an ongoing investigation being conducted by the Audit Committee of Cadence's Board of Directors and its independent counsel.
What is the deadline for Cadence to regain compliance with Nasdaq?
Cadence has until January 19, 2009, to submit a plan to Nasdaq outlining how it will regain compliance.
Will Cadence's stock be delisted from Nasdaq?
The filing indicates a notice of non-compliance and the opportunity to submit a plan to regain compliance. While delisting is a potential outcome for continued non-compliance, the company has a path to address the issue with Nasdaq by submitting a compliance plan.
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