Stamford’s troubled Revolution Lighting Technologies will continue to be listed on the Nasdaq – for now.
The company, a global provider of advanced LED lighting solutions, has received an extension letter from the Nasdaq Hearings Panel granting Revolution’s request to continue listing on The Nasdaq Capital Market. The extension is contingent upon company 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 must be able to demonstrate compliance with all requirements for continued listing on Nasdaq.
In March, Revolution Lighting received a notification from the Nasdaq Stock Market stating that, as a result of not having timely filed its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2018, the company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the SEC.
Revolution Lighting has weathered a number of other recent mishaps, including 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of 2018; the subsequent resignation of accounting firm RSM US LLP and of CFO James DePalma in May – he has since been replaced by Joan Nano – and an offer by Chairman, CEO and President Robert V. LaPenta to take the company private, which he later rescinded.
The company had no immediate comment on the Nasdaq extension.