Revolution Lighting Receives Notification of Deficiency from Nasdaq Related to Delayed Annual Report on Form 10-K
27 Marzo 2019 - 5:35AM
Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) (“Revolution
Lighting” or the “Company”), a global provider of advanced LED
lighting solutions, announced today that on March 21, 2019, the
Company 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 December 31, 2018,
the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1) (the “Financial Reporting Rule”), which requires timely
filing of periodic financial reports with the Securities and
Exchange Commission.
As previously announced on November 19, 2018, the Company has
also received a notification from the Nasdaq Stock Market stating
that, as a result of not having timely filed its Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2018, the
Company is not in compliance with the Financial Reporting
Rule. On February 5, 2019 Nasdaq granted the Company an
exception period until May 8, 2019 to file the 10-Q and regain
compliance with the Financial Reporting Rule.
The Company has been unable to timely file these periodic
financial reports due to the previously disclosed,
ongoing review by the Company’s Audit Committee to assess the
accuracy of the Company’s previously filed financial statements,
the focus of which is to review the extent to which the Company
incorrectly recognized revenue with respect to bill and hold
transactions from 2014 until the second quarter of fiscal 2018, and
to determine whether the Company’s accounting for those
transactions led to material errors in its financial
statements. In addition, Revolution Lighting is cooperating
with an ongoing investigation by the SEC relating to certain
revenue recognition practices, including bill and hold transactions
that occurred from 2014 through the second quarter of 2018.
The Nasdaq notice has no immediate effect on the listing or
trading of the Company’s common stock on the Nasdaq Stock Market.
In order to maintain its Nasdaq listing, the Company must regain
compliance with the Financial Reporting Rule by May 8, 2019. On
March 25, 2019, the Company provided Nasdaq with an update on the
status of its plan to regain compliance with the Financial
Reporting Rule and requested an additional exception until May 8,
2019 to file its Form 10-K. The Company intends to file the
delinquent Form 10-K, including the information required in the
delinquent Form 10-Q, as soon as possible. However, the Company
cannot provide assurance either that it will file all delinquent
filings or that all such filings will be made by May 8, 2019. If
the Company is unable to regain compliance with the Financial
Reporting Rule by May 8, 2019, the Company will be subject to
delisting from Nasdaq.
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the
design, manufacture, marketing, and sale of LED lighting solutions
focusing on the industrial, commercial and government markets in
the United States, Canada, and internationally. Through advanced
LED technologies, Revolution Lighting has created an innovative
lighting company that offers a comprehensive advanced product
platform of high-quality interior and exterior LED lamps and
fixtures, including signage and control systems. Revolution
Lighting is uniquely positioned to act as an expert partner,
offering full service lighting solutions through our operating
divisions including Energy Source, Multi-Family and Tri-State LED
to transform lighting into a source of superior energy savings,
quality light and well-being. Revolution Lighting Technologies
markets and distributes its products through a network of regional
and national independent sales representatives and distributors, as
well as through energy savings companies and national
accounts. Revolution Lighting Technologies trades on the
Nasdaq Capital Market under the ticker RVLT. For more information,
please visit rvlti.com and connect with the Company on Twitter,
LinkedIn and Facebook.
Forward-looking statements
Except for statements of historical fact, the matters discussed
herein are “forward-looking statements” within the meaning of the
applicable securities laws and regulations. The words “estimates”,
“expects,” “intends,” “believes” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
Forward-looking statements, including statements regarding when the
Company will file its Annual Report on Form 10-K and whether the
Company will regain compliance with Nasdaq’s continued listing
requirements, involve risks and uncertainties that may cause actual
results to differ materially from those stated here. Factors that
could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the
risk that Nasdaq will not approve the Company’s request for an
exception until May 8, 2019 to file the Form 10-K, and the other
risks described more fully in the Company’s filings with the SEC.
Forward-looking statements reflect the views of the Company’s
management as of the date hereof. The Company does not undertake to
revise these statements to reflect subsequent developments.
RVLT Investor Relations Contact: Amato and Partners, LLC
Investor Relations Counsel admin@amatoandpartners.com
Source: Revolution Lighting Technologies, Inc.
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