WESTMINSTER, Colo., May 17, 2024
/PRNewswire/ -- Trimble Inc. (NASDAQ: TRMB) (the "Company") today
announced that it received an expected deficiency notification
letter from the Listing Qualifications Staff of The Nasdaq Stock
Market LLC ("Nasdaq") on May 16, 2024
(the "Notice"). The Notice indicated that the Company was not in
compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule")
as a result of its failure to timely file its Quarterly Report on
Form 10-Q for the period ended March 29, 2024 (the "Form 10-Q"), as
described more fully in the Company's Form 12b-25 Notification of
Late Filing (the "Form 12b-25") filed with the Securities and
Exchange Commission (the "SEC") on May 8, 2024. The Listing Rule
requires Nasdaq-listed companies to timely file all required
periodic reports with the SEC.
The Notice has no immediate effect on the listing or trading of
the Company's common stock on the Nasdaq Global Select Market.
In accordance with Nasdaq's listing rules, the Company has 60
calendar days after the Notice to submit a plan to regain
compliance with the Listing Rule. Pursuant to the Notice, following
receipt of such plan, Nasdaq may grant an extension of up to 180
calendar days from the Form 10-Q's due date, or until November 11, 2024, for the Company to regain
compliance. The Company intends to take the necessary steps to
regain compliance with Nasdaq's listing rules as soon as
practicable.
As previously disclosed, the filing of the Form 10-Q was delayed
due to the matters described in the Form 12b-25 and in the Current
Report on 8-K filed by the Company on May 3,
2024 (the "Form 8-K"). As of today, the assessment described
in the Form 12b-25 and Form 8-K is ongoing and all parties continue
to work diligently to complete the assessment and to file the Form
10-Q as soon as practicable.
Safe Harbor Statement
Certain statements made in this press release are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and are made pursuant
to the safe harbor provisions of the Securities Litigation Reform
Act of 1995. These statements include statements regarding the
timing and expectations regarding the Company's and Ernst &
Young LLP's ("EY") assessment process and the filing of the Form
10-Q, statements relating to the Company's plan to regain
compliance with Nasdaq's listing rules, as well as all statements
that are not historical facts. These forward-looking statements are
subject to change, and actual results may materially differ from
those set forth in this Current Report due to certain risks and
uncertainties. Factors that could cause or contribute to changes in
such forward-looking statements include, but are not limited to,
the expected timing and results of EY's completion of its
additional audit procedures; the risk that the completion and
filing of the Form 10-Q will take longer than expected;
uncertainties about the timing of the Company's submission of a
compliance plan; Nasdaq's acceptance of any such plan; the duration
of any extension that may be granted by Nasdaq; and the risk that
the Company will be unable to meet Nasdaq's continued listing
requirements. The foregoing review of important factors should not
be construed as exhaustive and should be read in conjunction with
the other cautionary statements set forth in reports filed with the
SEC, including the Company's current reports on Form 8-K, quarterly
reports on Form 10-Q and its annual report on Form 10-K, such as
statements regarding changes in economic conditions and the impact
of competition. Undue reliance should not be placed on any
forward-looking statement contained herein. These statements
reflect the Company's position as of the date of this Current
Report. The Company expressly disclaims any undertaking to release
publicly any updates or revisions to any statements to reflect any
change in the Company's expectations or any change of events,
conditions, or circumstances on which any such statement is
based.
About Trimble
Trimble is transforming the ways people move, build and live.
Core technologies in positioning, modeling and data analytics
connect the digital and physical worlds to improve our customers'
productivity, quality, safety, transparency and sustainability. For
more information about Trimble (NASDAQ: TRMB), visit:
www.trimble.com.
FTRMB
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SOURCE Trimble