SAN FRANCISOCadence Design Systems Inc. said Monday (Nov. 24) it has been notified by the Nasdaq stock market that the company is not in compliance with market rules for failing to file a 10-Q report with the U.S. Securities and Exchange Commission for the quarter ended Sept. 27.
Cadence announced Oct. 22 it would delay filing its third quarter financial report pending review of the recognition of revenue related to customer contracts signed during the first quarter. Cadence has not said when it will make the filing. The company repeated Monday that it would make the filing "as soon as practicable."
Cadence (San Jose, Calif.) said the Nasdaq letter also stated that Cadence may submit a plan to regain compliance no later than Jan. 19, 2009. The company said it would submit such a plan if it has not made its filing by that date. At that point, the Nasdaq staff could give Cadence extra time to comply with the rule, Cadence said.
Cadence shares will continue to be listed on the Nasdaq Global Select Market through at least Jan. 19, Cadence said.