Tempo Automation’s Nasdaq Listing in Jeopardy as Compliance Deadline Approaches
San Francisco-based software-accelerated electronics manufacturer, Tempo Automation Holdings, Inc. (NASDAQ: TMPO), is facing potential delisting from the Nasdaq Global Market due to a late filing. The company recently received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, stating that its failure to file its Form 10-Q for the period ended June 30, 2023, puts it in violation of the Periodic Filing Rule. However, it’s important to note that this is just a notification of deficiency and doesn’t immediately impact the trading or listing of the company’s securities.
To regain compliance with the Periodic Filing Rule, Tempo Automation has 60 calendar days, until October 16, 2023, to submit a plan outlining its strategy. If Nasdaq accepts the plan, the company could be granted an exception of up to 180 calendar days, until February 12, 2024, to regain compliance. Nasdaq will consider various factors when reviewing the plan, including the likelihood of timely filings, the company’s compliance history, reasons for the late filing, other corporate events, financial condition, and public disclosures.
If Tempo Automation fails to submit the plan by the designated deadline or fails to regain compliance by the compliance date, it will receive written notification of delisting. At that point, the company can appeal the delisting determination to a Hearings Panel. The company is currently exploring available options to regain compliance with the Periodic Filing Rule, but there is no guarantee of success.
Tempo Automation, known for its unique automated manufacturing platform for printed circuit board manufacturing, has become a key player in accelerating innovation and product development for various industries. The company’s platform relies on all-digital process automation, data-driven intelligence, and a connected smart factory to deliver unmatched quality, speed, and agility.
From industrial tech to medical technology and space industries, Tempo Automation has established partnerships with leading companies to drive innovation and propel progress. By optimizing the complex manufacturing process, Tempo helps customers bring tomorrow’s products to market faster.
Investors and stakeholders will closely monitor Tempo Automation’s progress in regaining compliance with the Periodic Filing Rule. The potential delisting of the company’s securities from Nasdaq could have significant implications for its future operations, reputation, and the ability to attract new investors.
Disclaimer: This article is for informational purposes only and should not be construed as financial or investment advice. Please consult with a professional advisor before making any investment decisions.
