Business Context and Reporting Period
Company: Power Solutions International, Inc. (Nasdaq: PSIX)
Filing Type: Form 8-K (Current Report)
Date of Report: November 11, 2016
Reporting Period: The filing addresses compliance issues related to the second quarter ended June 30, 2016, and the third quarter ended September 30, 2016.
Key Financial Metrics
This filing is a current report regarding regulatory compliance and does not contain financial performance data. The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Delisting Notice: On November 11, 2016, the Company received a notice from Nasdaq stating it was not in compliance with Listing Rule 5250(c)(1) due to the failure to timely file its Form 10-Q for the third quarter ended September 30, 2016.
- Historical Context: This follows a similar notice received on August 16, 2016, regarding the delayed filing of the second quarter Form 10-Q.
- Listing Status: The latest notice has no immediate effect on the listing of the Company's common stock on Nasdaq.
Guidance, Outlook, and Management Commentary
- Compliance Plan: Nasdaq accepted a Compliance Plan on November 7, 2016, granting an exception to listing rules. This allows the Company to file the Q2 2016 Form 10-Q on or before February 6, 2017.
- Next Steps: The Company plans to submit an update to its Compliance Plan by November 28, 2016, addressing the Q3 2016 filing and progress on the plan.
- Internal Review: The Audit Committee and engaged professionals are working with management to complete the independent review necessary to finalize financial statements for the quarters ended June 30, 2016, and September 30, 2016.
- Press Release: A press release regarding these matters was issued on November 17, 2016.
Investor Verification Checklist
- Verify the status of the independent review of financial statements for Q2 and Q3 2016.
- Confirm the submission of the updated Compliance Plan to Nasdaq by the November 28, 2016 deadline.
- Monitor the timely filing of the Q2 2016 Form 10-Q by the February 6, 2017 deadline.
- Review the press release filed as Exhibit 99.1 for additional details on the delay.