Business Context and Reporting Period
Company: Power Solutions International, Inc. (Nasdaq: PSIX)
Filing Type: Form 8-K (Current Report)
Date of Report: August 16, 2016
Event: Notice of delinquency regarding failure to timely file a Quarterly Report on Form 10-Q for the period ended June 30, 2016.
Key Financial Metrics
This filing is a current report regarding regulatory compliance and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metric.
Material Changes
The material change reported is the receipt of a delinquency notice from The Nasdaq Stock Market. The Company failed to comply with Nasdaq Listing Rule 5250(c)(1) due to the late filing of its Form 10-Q for the second quarter ended June 30, 2016.
Outlook, Risks, and Management Commentary
- Compliance Plan: The Company is finalizing a plan for compliance to be submitted to Nasdaq no later than October 17, 2016 (60 calendar days from the notice).
- Listing Status: Common stock will continue to be listed on Nasdaq pending the review of the compliance plan.
- Potential Relief: If the plan is approved, the Company may be eligible for a listing exception of up to 180 calendar days (until February 6, 2017) to regain compliance.
- Communication: A press release regarding these matters was issued on August 18, 2016.
Investor Verification Checklist
- Verify the submission date and content of the Company's compliance plan to Nasdaq.
- Monitor the status of the delinquency notice and whether the 180-day listing exception is granted.
- Review the subsequently filed Form 10-Q for the quarter ended June 30, 2016, to assess underlying financial performance.
- Check for any further communications from Nasdaq regarding the Company's listing status.