SAN JOSE, Calif. - Infinera (NASDAQ:INFN) Corporation (NASDAQ: INFN), a global supplier of optical networking solutions, has received a notification of delinquency from Nasdaq on Friday for not complying with the exchange's filing requirements. The notice was issued because Infinera failed to file its Annual Report on Form 10-K for the year ended December 30, 2023, on time.
Nasdaq's Listing Rule 5250(c)(1) mandates that listed companies must file all required periodic financial reports with the SEC in a timely manner. Infinera disclosed the delay in its year-end closing process in its Form 12b-25, filed with the SEC on February 29, 2024. The company attributed the delay to issues detailed in the 12b-25.
The notice from Nasdaq requires Infinera to submit a plan by May 14, 2024, outlining how it intends to regain compliance with the listing rules. Infinera has expressed its commitment to work diligently to complete and file the overdue Form 10-K as soon as possible and to submit the compliance plan promptly.
Infinera specializes in providing open optical networking solutions and advanced optical semiconductors, catering to carriers, cloud operators, governments, and enterprises around the world. Their products are designed to help these entities scale network bandwidth, accelerate service innovation, and automate network operations.
The company has not provided a specific timeline for when it expects to file the Form 10-K but has stated it will take the necessary steps to regain compliance with Nasdaq's requirements as soon as practicable. The information regarding Infinera's current situation and its plans to address the issue is based on a press release statement from the company.
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