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 March 15, 2024 (the "Notice"). The Notice indicated that Infinera was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December 30, 2023 (the "Form 10-K"), 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 February 29, 2024. The Listing Rule requires listed companies to timely file all required periodic financial reports with the SEC.
Nasdaq has informed Infinera that it must submit a plan of compliance (the "Plan") by May 14, 2024 addressing how it intends to regain compliance with Nasdaq's listing rules. 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-K as soon as practicable and will work diligently to submit the Plan promptly and take the necessary steps to regain compliance as soon as practicable.