CLEARWATER, Fla., Oct. 18, 2013 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) (the "Company") announced that today it received a letter from The NASDAQ Stock Market LLC ("NASDAQ") stating that the NASDAQ Listing Qualifications Panel (the "Panel") had granted the Company's request to extend the stay of suspension of trading in its common stock pending a final determination regarding the Company's listing status following a hearing before the Panel. The hearing has been scheduled for November 7, 2013. At the hearing, the Company will request additional time to satisfy the NASDAQ listing requirement that the Company be current in its filings with the Securities and Exchange Commission. The Panel typically issues decisions within 30 days of the hearing date; however, there is no requirement that the Panel do so within that time frame. The Company will provide an update regarding its continued listing status once a decision on this matter has been issued following the hearing.
The Company continues to be committed to regaining compliance with all SEC filing requirements and all NASDAQ listing requirements as promptly as possible.
Forward Looking Statements
The report includes "forward-looking statements" within the meaning of the federal securities laws and regulations, including those regarding the Company's intent to regain compliance with all SEC filing requirements and NASDAQ listing requirements and request that the Panel grant additional time to satisfy the NASDAQ listing requirement and the typical timeframe for a Panel decision. These statements are subject to risks and uncertainties, including the risk that additional information relating to the scope of the improprieties may arise during our ongoing review in connection with the pending restatement, the risk that the process of preparing the financial statements or other subsequent events would require the Company to make additional adjustments, the time and effort required to complete the restatement of certain financial statements and the ramifications of the Company's potential inability to timely file required periodic reports. A number of important factors could cause actual events and results to differ materially from those contained in or implied by the forward-looking statements. Forward-looking statements reflect management's analysis as of the filing date of this press release, and the Company does not undertake to update or revise these statements to reflect subsequent developments.
About Tech Data
Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 120,000 resellers in more than 100 countries to efficiently and cost effectively support the diverse technology needs of end users. To learn more, visit www.techdata.com.