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NYSE accepts IEC plan to meet listing requirements

Rochester Business Journal
June 17, 2013

IEC Electronics Corp. said Monday the New York Stock Exchange has accepted the company’s plan to regain compliance with the continued listing requirements of the exchange.

On May 20, IEC received notice it did not satisfy continued listing requirements because of its failure to file timely its quarterly report for the quarter ended March 29.

IEC did file preliminary estimated second-quarter financial results May 20, but said it had not been able to finalize the results due to the need to restate its fiscal 2012 numbers.

IEC submitted a plan of compliance to NYSE on May 31.

Last week, the exchange said it would grant the company’s request for an extension until Aug. 15 to regain compliance.

IEC will be subject to periodic review by NYSE staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the company being delisted.

Shares of IEC (NYSE MKT: IEC) were trading midday at $3.33, up 1 percent from Friday’s close of $3.30.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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