Infinera Corporation Announces Notification of Delinquency with Nasdaq
22 May 2024 - 6:05AM
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.
Contacts:
Media: Anna Vue Tel. +1 (916) 595-8157 avue@infinera.com
Investors:Amitabh Passi, Head of Investor RelationsTel. +1 (669)
295-1489apassi@infinera.com
About Infinera
Infinera is a global supplier of innovative open optical
networking solutions and advanced optical semiconductors that
enable carriers, cloud operators, governments, and enterprises to
scale network bandwidth, accelerate service innovation, and
automate network operations. Infinera solutions deliver
industry-leading economics and performance in long-haul, submarine,
data center interconnect, and metro transport applications. To
learn more about Infinera, visit www.infinera.com, follow us on X
and LinkedIn, and subscribe for updates.
Infinera and the Infinera logo are registered trademarks of
Infinera Corporation.
This press release contains forward-looking statements.
Forward-looking statements include statements regarding our
expectations, beliefs, intentions, or strategies and can be
identified by words such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “should,” “will,” and
“would” or similar words. Such forward-looking statements in this
press release include, but are not limited to, Infinera’s
expectations about the timing of completion and filing of the Form
10-Q, statements related to the Plan Update and Infinera’s plan to
regain compliance with respect to the Listing Rule, and timing and
actions taken to regain compliance with Nasdaq. Actual results may
vary materially from these expectations as a result of various
risks and uncertainties. Information about these risks and
uncertainties, and other risks and uncertainties that affect
Infinera’s business, is contained in the risk factors section and
other sections of Infinera’s Annual Report on Form 10-K for the
fiscal year ended December 30, 2023, as filed with the SEC on May
17, 2024, as well as any subsequent reports filed with or furnished
to the SEC. These reports are available on Infinera’s website at
www.infinera.com and the SEC’s website at www.sec.gov. Infinera
assumes no obligation to, and does not currently intend to, update
any forward-looking statements contained herein.
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