Trimble Inc. (NASDAQ: TRMB) has received a staff delisting determination from the Nasdaq Stock Market LLC, indicating that the company is not in compliance with Nasdaq listing rule 5250(c)(1) due to the untimely filing of required periodic financial reports with the Securities and Exchange Commission.
The company is delinquent in filing its quarterly report on Form 10-Q for the period ended September 27, 2024, as well as for the periods ended March 29, 2024, and June 28, 2024.
Trimble Inc. intends to appeal the staff determination and seek a stay of any suspension or delisting action. Hearings for such appeals are typically scheduled to occur 30 to 45 days after the date of the request.
Management has stated that, to date, no errors have been identified that would require a restatement of the company's financial statements for the periods presented in the annual report on Form 10-K filed with the SEC on February 26, 2024, or for any previously released financial results.
The company is working closely with Ernst & Young LLP to complete the assessment of the impacts related to its internal controls over financial reporting as soon as possible. Ernst & Young LLP has been performing incremental audit procedures responsive to the identified material weaknesses.
It is important to note that the staff determination and the deficiency notice have no immediate effect and will not immediately result in the suspension of trading or delisting of the company’s securities. The market has reacted to these announcements by moving the company's shares -2.2% to a price of $71.0. For the full picture, make sure to review Trimble's 8-K report.
