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September 21, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Tardy quarterly filing adds fuel to Revolution Lighting’s possible Nasdaq delisting

Stamford’s Revolution Lighting Technologies has received another letter threatening it with being delisted from the Nasdaq.

The global provider of advanced LED lighting solutions has announced the Aug. 16 reception of an additional delisting determination letter from the staff of the Listing Qualifications Department of the Nasdaq Stock Market. As Revolution Lighting so far has failed to file the proper earnings report for the quarter ended June 30, Nasdaq will include that deficiency in its considerations of delisting the company, according to the letter.

As previously reported, in July the company received an extension letter from the Nasdaq hearings panel granting its request to continue being listed on the exchange. That extension was contingent upon the firm’s providing written periodic updates to Nasdaq regarding the status of its audit and remediation processes, and becoming current in its filings with the Securities and Exchange Commission on or before Oct. 29.

In addition, the company was required to demonstrate compliance with all requirements for continued listing on Nasdaq.

Revolution Lighting’s recent problems have included the discovery of errors in its previously filed financial statements for 2015-17 and for the first two quarters of 2018; the subsequent resignation of accounting firm RSM US LLP and of CFO James DePalma in May – he has since been replaced by Joan Nano – and an offer by Chairman, CEO and President Robert V. LaPenta to take the company private, which he later rescinded.

Of this latest development, the company said it presented a plan of compliance to the Nasdaq panel at a June 6 hearing, which included the possibility of a late filing of its latest quarterly report.