Business
Powerfleet Announces Receipt of Expected Delinquency Notification Letters from Nasdaq Relating to Non-Compliance with Nasdaq Listing Rule 5250(c)(1)
Submitted response to previously announced SEC comment letter involving non-cash accounting issue; targeting to resolve matter within the month of August
About this update from Powerfleet, Inc.
[{"type":"text","content":"Submitted response to previously announced SEC comment letter involving non-cash accounting issue; targeting to resolve matter within the month of August\nWOODCLIFF LAKE, N.J., Aug. 16, 2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq: AIOT) today announced that on August 8 and August 15, 2024, the Company received, as expected, written notices from the Listing Qualifications Department of The Nasdaq Stock Market LLC (\"Nasdaq\"), notifying the Company that it did not timely file its Transition Report on Form 10-KT for the transition period ended March 31, 2024 (the \"Form 10-KT\") and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the \"Form 10-Q\"), as required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5250(c)(1).\n\n \n \n \n \n \n \n\n \nUnder Nasdaq rules, the Company has 60 calendar days from the date of Nasdaq's initial written notice, or October 7, 2024, to submit to Nasdaq a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1).\nAs previously announced, the delay in the filing of the Form 10-KT and Form 10-Q follows the Company's receipt of a comment letter from the Securities and Exchange Commission (the \"SEC\") regarding the Company's determination of the accounting acquirer in the recent business combination with MiX Telematics Limited, an issue that is not expected to have any impact on the Company's operating performance or cash flows. The Company is actively collaborating with its auditors and legal advisors to address the SEC's comment and has submitted its response to the SEC's comment. The Company targets to resolve this matter within the month of August. The Company expects to file the Form 10-KT and Form 10-Q promptly following resolution of the SEC's comment to regain compliance with Nasdaq Listing Rule 5250(c)(1).\nThe Company's common stock will continue to be listed and traded on The Nasdaq Global Market during the 60-day grace period, subject to its compliance with the other continued listing requirements of The Nasdaq Global Market.\nABOUT POWERFLEETPowerfleet (Nasdaq: AIOT; JSE: PWR; TASE: PWFL) is a global leader in the artificial intelligence of things (AIoT) software-as-a-service (SaaS) mobile asset industry. With more than 30 years of experience, Powerfleet unifies business operations through the ingestion, harmonization, and in...