Trimble Inc. (NASDAQ: TRMB), based in Westminster, received a staff delisting determination from Nasdaq on Nov. 13, 2024. The determination, which Trimble said it expected, indicates that the company has not complied with Nasdaq Listing Rule 5250(c)(1), which mandates timely filing of periodic financial reports with the Securities and Exchange Commission.
Trimble has also been notified of its delinquency in filing its Quarterly Report on Form 10-Q for the period ended Sept. 27, 2024. While the staff determination and deficiency notice do not lead to immediate suspension of trading or delisting, the company had missed the Nov. 11, 2024 deadline for filing Quarterly Reports for the periods ending March 29, 2024, June 28, 2024, and Sept. 27, 2024.
Trimble plans to appeal the staff determination to a Nasdaq Hearing Panel and seek a stay on any suspension or delisting actions during the hearing process. Hearings are usually scheduled 30 to 45 days after the appeal request. Following the hearing, the Panel will issue a decision, which can be further appealed to the Nasdaq Listing Council.
The company believes it is well positioned, although not guaranteed, to be granted an extension that would allow it and its independent registered public accounting firm, Ernst & Young LLP, additional time to complete financial filings and regain compliance with Nasdaq regulations. Trimble is working with Ernst & Young to promptly complete an assessment of its internal controls over financial reporting.
Trimble management has stated that, based on current work, it has not found any errors necessitating a restatement of the consolidated financial statements for the periods in its Annual Report on Form 10-K, filed with the SEC on Feb. 26, 2024, or for any previously released financial results. Additionally, Ernst & Young has not retracted its audit report on these financial statements.
