CLEARWATER, Fla., Dec. 17, 2013 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) (the "Company") today announced that it received, as expected, a notice (the "10-Q Notice of Deficiency") from the NASDAQ Listing Qualifications Department stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) (the "Rule") because the Company has not timely filed its Form 10-Q for the quarterly period ended October 31, 2013 (the "Third Quarter 10-Q").
The Third Quarter 10-Q, as well as the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2013, and Quarterly Reports on Form 10-Q for the quarters ended April 30, 2013 and July 31, 2013 are delayed pending completion of the Company's restatement of prior financial statements announced on March 21, 2013.
As previously announced, the NASDAQ Listing Qualifications Panel granted the Company's request for continued listing on The NASDAQ Stock Market ("NASDAQ") through March 27, 2014, by which date the Company must evidence compliance with all applicable requirements for continued listing on NASDAQ, including the filing of all outstanding annual and periodic reports with the Securities and Exchange Commission.
The Company is working towards becoming current with all requirements for continued listing on NASDAQ prior to March 27, 2014.
The report includes "forward-looking statements" within the meaning of the federal securities laws and regulations, including those regarding the Company's expectation of regaining compliance with all SEC filing requirements and NASDAQ listing requirements on or prior to March 27, 2014. These statements are subject to risks and uncertainties, including the risk that additional information relating to the scope of the improprieties may arise during our ongoing review in connection with the pending restatement, the risk that the process of preparing the financial statements or other subsequent events would require the Company to make additional adjustments, the time and effort required to complete the restatement of certain financial statements and the ramifications of the Company's potential inability to timely file required periodic reports. A number of important factors could cause actual events and results to differ materially from those contained in or implied by the forward-looking statements. Forward-looking statements reflect management's analysis as of the filing date of this press release, and the Company does not undertake to update or revise these statements to reflect subsequent developments.
About Tech Data
Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 120,000 resellers in more than 100 countries to efficiently and cost effectively support the diverse technology needs of end users. To learn more, visit www.techdata.com.
CONTACT: Jeffery P. Howells Executive Vice President and Chief Financial Officer 727-538-7825 (email@example.com) Arleen Quinones Vice President, Investor Relations and Shareholder Services 727-532-8866 (firstname.lastname@example.org)
Source:Tech Data Corporation