MTS SYSTEMS CORPORATION (NASDAQ:MTSC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing |
a press release reporting that, due to an internal investigation
of apparent violations by certain employees in its China
operations of the Companys code of conduct, the filing of its
Annual Report on Form 10-K for the fiscal year ended October 1,
2016 (the Annual Report) will be delayed beyond the December 15,
2016 extended filing due date. A copy of such press release is
attached as Exhibit 99.1 hereto.
the Securities and Exchange Commission (the SEC) on November 29,
2016, that it was unable to determine whether it would be able to
timely file its Annual Report as a result of the ongoing
investigation. For additional information, please see the Form
12b-25.
Stock Market LLC (Nasdaq) on December 5, 2016 that it is working
diligently to complete the Annual Report. In response, Nasdaq
provided a formal notification letter to the Company indicating
that it is not currently in compliance with Nasdaq Listing Rule
5250(c)(1) for continued listing. Such notices are routinely
issued by Nasdaq in situations when there are late filings with
the SEC. The letter from Nasdaq states that the Company is
required to submit a plan to regain compliance with Nasdaqs
filing requirements for continued listing within 60 calendar days
of the date of the Nasdaq notification letter. Upon acceptance of
the Companys compliance plan, Nasdaq is permitted to grant an
extension of up to 180 calendar days from the filing due date of
the Annual Report, or until May 30, 2017, for the Company to
regain compliance with Nasdaqs filing requirements for continued
listing.
common stock on Nasdaq. Once the investigation is completed,
including the evaluation of its findings, the Company expects to
complete its assessments as to the impacts to the financial
statements and effectiveness of internal controls over financial
reporting and file its Annual Report with the SEC, which the
Company expects will occur within the 180-day period described
above. Upon filing its Annual Report, the Company intends to
again be in compliance with Nasdaqs continued listing
requirements.
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Item 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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99.1
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Press Release dated December 9, 2016.
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About MTS SYSTEMS CORPORATION (NASDAQ:MTSC)
MTS Systems Corporation (MTS) is a global supplier of test systems and position sensors. The Company’s operations are organized and managed in two business segments: the Test segment and the Sensors. Testing segment’s testing hardware, software and services solutions help customers improve their design, development, and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. Test also sells a range of accessories and spare parts, as well as services, including installation, calibration, maintenance, training and consulting. MTS’ sensors segment provides controls for a range of industrial and vehicular applications. The segment’s customer industries include manufacturers of plastic injection molding machines, steel mills, fluid power, oil and gas, medical, wood product processing equipment, mobile equipment, and energy. MTS SYSTEMS CORPORATION (NASDAQ:MTSC) Recent Trading Information
MTS SYSTEMS CORPORATION (NASDAQ:MTSC) closed its last trading session down -0.10 at 56.55 with 79,876 shares trading hands.
