Ixia (NASDAQ: XXIA) said that due to the previously reported delay in the company´s filing of its quarterly report for the quarter ended June 30, 2014 on August 19, 2014, it has received a letter from the NASDAQ Stock Market LLC saying that it does not comply with NASDAQ Listing Rule 5250(c) (1).
The rule requires listed companies to file in a timely manner all required periodic financial reports with the Securities and Exchange Commission.
NASDAQ´s letter also states that the company´s delay in filing its 2014 second quarter Form 10-Q serves as an additional basis for the potential delisting of the company´s common stock from the NASDAQ Global Select Market. The company also does not comply with the rule due to the delayed filing of its quarterly report on Form 10-Q for the quarter ended March 31, 2014.
The NASDAQ Hearings Panel determined to continue the listing of Ixia´s common stock subject to the condition that, on or before September 12, 2014, Ixia become current in its periodic filings with the SEC. Ixia must also be able to demonstrate at such time that it is in compliance with all other requirements for continued listing on NASDAQ. If the company is unable to satisfy these conditions, the company´s common stock may be delisted.
Ixia provides converged Internet protocol network validation and network visibility solutions in the United States and internationally. Its solutions are used to design, verify, and monitor a range of Ethernet, Wi-Fi, 3G, and 4G/LTE equipment and networks. The company offers hardware platforms, such as chassis; interface cards that generate, receive, and analyze various traffic types at multiple network layers; and network visibility solutions, which enable network visibility into physical and virtual networks, and optimizes monitoring tool performance. The company was founded in 1997 and is headquartered in Calabasas, California. Its website is at http://www.ixiacom.com.