WESTMINSTER, Colo.,
Aug. 21,
2024 /PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) (the
"Company") today announced that it received an expected deficiency
notification letter from the Listing Qualifications Staff of The
Nasdaq Stock Market LLC ("Nasdaq") on August
16, 2024 (the "Q2 Notice"). The Q2 Notice indicated that the
Company is not in compliance 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 period ended June 28, 2024
(the "Q2 Form 10-Q"), as described more fully in the Company's Form
12b-25 Notification of Late Filing (the "Q2 Form 12b-25") filed
with the Securities and Exchange Commission (the "SEC") on August
7, 2024. The Listing Rule requires Nasdaq-listed companies to
timely file all required periodic reports with the SEC.
The Company has until August 31,
2024 to submit an update to the plan of compliance
previously submitted to Nasdaq, and, following receipt of such
update, Nasdaq may grant an extension for the Company to regain
compliance. The Q2 Notice has no immediate effect on the listing or
trading of the Company's common stock on the Nasdaq Global Select
Market.
As previously disclosed on a Current Report on Form 8-K filed
with the SEC on May 17, 2024, the
Company had received a notice from Nasdaq indicating that as a
result of not having timely filed its Quarterly Report on Form 10-Q
for the period ended March 29, 2024
(the "Q1 Form 10-Q"), the Company was not in compliance with the
Listing Rule (the "Q1 Notice"). The Company has timely submitted a
plan to regain compliance in response to the Q1 Notice. On
August 16, 2024, Nasdaq granted the
Company the full requested extension until November 11, 2024 to regain compliance. The
Company intends to take the necessary steps to regain compliance
with the Listing Rule as soon as practicable.
Safe Harbor Statement
Certain statements made in this press release are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and are made pursuant
to the safe harbor provisions of the Securities Litigation Reform
Act of 1995. These statements include statements regarding the
timing and expectations regarding the Company's and Ernst &
Young LLP's ("EY") assessment process and the filing of the Q1 Form
10-Q and Q2 Form 10-Q, statements relating to the Company's plan to
regain compliance with Nasdaq's listing rules, as well as all
statements that are not historical facts. These forward-looking
statements are subject to change, and actual results may materially
differ from those set forth in this Current Report due to certain
risks and uncertainties. Factors that could cause or contribute to
changes in such forward-looking statements include, but are not
limited to, the expected timing and results of EY's completion of
its additional audit procedures; the risk that the completion and
filing of the Q1 Form 10-Q and Q2 Form 10-Q will take longer than
expected; uncertainties about the timing of the Company's
submission of an update to the previously submitted compliance
plan; Nasdaq's acceptance of any such update; the duration of any
extension that may be granted by Nasdaq; and the risk that the
Company will be unable to meet Nasdaq's continued listing
requirements. The foregoing review of important factors should not
be construed as exhaustive and should be read in conjunction with
the other cautionary statements set forth in reports filed with the
SEC, including the Company's current reports on Form 8-K, quarterly
reports on Form 10-Q and its annual report on Form 10-K, such as
statements regarding changes in economic conditions and the impact
of competition. Undue reliance should not be placed on any
forward-looking statement contained herein. These statements
reflect the Company's position as of the date of this Current
Report. The Company expressly disclaims any undertaking to release
publicly any updates or revisions to any statements to reflect any
change in the Company's expectations or any change of events,
conditions, or circumstances on which any such statement is
based.
About Trimble
Trimble is transforming the ways people move, build and live.
Core technologies in positioning, modeling and data analytics
connect the digital and physical worlds to improve our customers'
productivity, quality, safety, transparency and sustainability. For
more information about Trimble (NASDAQ: TRMB), visit:
www.trimble.com.
FTRMB
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SOURCE Trimble