Update on UniTek Global Services, Inc. (UNTK) and Its Listing on the NASDAQ

UniTeck Global Services, Inc. (UNTK), which has been sued in federal court for violations of federal securities laws, has issued a press release providing an update concerning its listing on NASDAQ.  According to the release:

As previously announced, on April 16, 2013, the Company received a letter from NASDAQ stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) (“Rule 5250(c)(1)”) because the Company did not timely file its Annual Report on Form 10-K for the year ended December 31, 2012 (the “Form 10-K”).

The Company subsequently submitted to NASDAQ a plan to regain compliance with Rule 5250(c)(1), and on May 14, 2013, NASDAQ notified the Company that NASDAQ had determined to grant the Company an exception, through October 14, 2013, to regain compliance with the rule.

On May 20, 2013, the Company received an additional letter from NASDAQ stating that the Company also failed to comply with Rule 5250(c)(1) because the Company did not file its Quarterly Report on Form 10-Q for the quarter ended March 30, 2013 (the “Form 10-Q”). The Company has submitted an update to NASDAQ confirming that it expects to file the Form 10-Q before the October 14, 2013 exception deadline already granted for the filing of the Form 10-K. NASDAQ has advised the Company that it has also been afforded an exception until October 14, 2013 to file the Form 10-Q.

Neither notification of non-compliance has an immediate effect on the listing or trading of the Company’s common stock on The NASDAQ Global Market.

(Emphasis added).  It is not clear at this time whether the Company will need the full extension of time until October 14,. 2013 to come back into compliance.