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EFI Receives Nasdaq Notice Related to Delay in 10-Q Filing

Company reports its assessment and review of certain accounting-related matters, announced on Aug. 3, 2017, has progressed.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Electronics For Imaging, Inc. (EFI) announced that the company received a notification letter from Nasdaq stating that the company is not in compliance with Nasdaq listing rule 5250(c)(1), which requires timely filing of reports with the US Securities and Exchange Commission.
 
The Aug. 18, 2017 letter was sent as a result of the company’s delay in filing its Quarterly Report on Form 10-Q for the period ending June 30, 2017, which was due Aug. 9, 2017, as previously reported in the company’s Form 12b-25 filed with the SEC on Aug. 10, 2017.
 
The Nasdaq notice has no immediate effect on the listing or trading of the company’s common stock on the Nasdaq Global Select Market. Under the Nasdaq rules, the company has 60 days from the date of the notice either to file the Form 10-Q or to submit a plan to Nasdaq to regain compliance with Nasdaq’s listing rules. If a plan is submitted and accepted, EFI could be granted up to 180 days from the Form 10-Q’s due date to regain compliance.
 
The company’s assessment and review of certain accounting-related matters, which was previously announced on Aug. 3, 2017, has progressed significantly. Following the completion of the assessment and review, the company plans to file its Form 10-Q promptly.

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