Marvell Technology Group Ltd. (NASDAQ:MRVL) recently announced that it received a non-compliance notification from NASDAQ September 14, 2015.
The company received the notification because it failed to file its form 10 report for the quarter ended August 1, 2015. The form is under NASDAQ Marketplace Rule 5250(c)(1). Marvel is seeking to request an extension of the timeline of about 180 days to from the due date. The time difference will allow the company to compile the form 10Q. In the meantime, the firm will submit a plan for compliance to support its request.
TheNASDAQ Global Select Market will continue to list Marvel Technology securities as the plan of compliance goes into review.The company announced on September 11 that the board of directors is carrying out an independent investigation of internal matters and accounting through its audit committee. The company plans to file the Quarterly Report on Form 10-Q for the previously ended financial quarter right after the committee is done with the investigation.
Marvel fully intends to comply with the NASDAQ market requirements. However, the statements do not guarantee results because the estimated results could be different from the actual results. The disparity is most likely to be caused by the risks uncertainties pursuing the outcomes. There are other factors that could cause the difference in outcomes. They are listed in the company’s previous quarterly report.
Marvel Technology is a universal company that deals with Kinoma® software and complete silicon solutions for “Smart Life and Smart Lifestyle.” The firm is a player in the IoT industry, in-home content delivery, digital entertainment and cloud technology. The company’s extensive portfolio mirrors its industrial performance, platform designs, efficiency, reliability, and security.
The company’s goal is to add value to the people’s lives by enhancing mobility and ease of access to various services. The overall plan is to provide the optimum human experience. Marvel Technologies recently announced that it will extend its relationship with Swisscom AG (ADR) (OTCMKTS:SCMWY).