On Tuesday, fashion merchandiser Stein Mart (SMRT) confirmed that it has received a letter from NASDAQ chastising it for failure to comply with NASDAQ Listing Rule 5250(c)(1), and specifically, failure to file its third-quarter earnings report on time.
Stein Mart last month reported that "because of errors identified in the Company's previously issued financial statements, the Company is in the process of restating its previously issued financial statements for fiscal years 2009, 2010 and 2011, its quarterly data for the first quarter of 2012 and for all quarters in 2010 and 2011, as well as its selected finance data for the relevant periods."
While getting its books in order, the company says it is currently unable to file reliable financial reports. Stein Mart notes, however, that NASDAQ has granted it an extension, extending the deadline for filing its Form 10-Q for the second quarter until March 5. It said any additional extensions will be limited to a maximum of 180 days from March 5.
The company said the notification of non-compliance has "no immediate effect on the listing or trading of the Company's common stock on the NASDAQ Global Market."
