SAN JOSE, Calif., May 21, 2024 (GLOBE NEWSWIRE) -- Infinera (NASDAQ: INFN) announced today that it received an expected delinquency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") on May 15, 2024 (the "Notice"). The Notice indicated that Infinera remains in noncompliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 30, 2024 (the "Form 10-Q"), as described more fully in Infinera's Form 12b-25 Notification of Late Filing (the "12b-25") filed with the Securities and Exchange Commission (the "SEC") on May 10, 2024. The Listing Rule requires listed companies to timely file all required periodic financial reports with the SEC. On May 14, 2024, Infinera announced its preliminary financial results for the quarter ended March 30, 2024.
As previously disclosed on a Current Report on Form 8-K filed with the SEC on March 15, 2024, Infinera previously received a notice from Nasdaq indicating that as a result of not having timely filed its Annual Report on Form 10-K for the period ended December 30, 2023 (the "Form 10-K"), Infinera was not in compliance with the Listing Rule. On May 17, 2024, Infinera filed the Form 10-K with the SEC.
Nasdaq has informed Infinera that it must submit an update to the plan of compliance previously submitted to Nasdaq (the "Plan Update") by May 31, 2024 addressing how it intends to regain compliance with the Listing Rule by September 11, 2024, which is 180 calendar days from the due date of the Form 10-K. As previously disclosed, Infinera was delayed in its year-end closing process due to the matters described in the Company's 12b-25. Infinera will continue to work diligently to complete and file the Form 10-Q as soon as practicable and will work diligently to submit the Plan Update promptly and take the necessary steps to regain compliance as soon as practicable.