First, MLNK had 60 days to submit a plan to the NASDAQ (not SEC).
Second, from the PR
>>>If NASDAQ accepts the plan, it can grant an exception of up to 180 calendar days from the filing’s due date, or until December 10, 2012, to regain compliance. If NASDAQ does not accept the Company’s plan, NASDAQ will provide notice that the Company's common stock will be subject to delisting.<<<
We don't know whether MLNK submitted a plan, but the PR said they intended to. IF they did, the NASDAQ still has an unspecified time to decide whether they accept the plan.
If the NAZ doesn't accept the plan, I'm pretty sure that under reg FD the company would have to issue a statement to that effect within a certain time of receiving the NAZ denial (usually by filing an 8k with the SEC).
If the NAZ does accept the plan, then the company has until December 10, 2012 to regain compliance by filing the 10Q.
There is also an appeals process, and MLNK
>>>ModusLink has the right to appeal a determination to delist its common stock, and the common stock would remain listed on the NASDAQ Global Market until the completion of the appeal process<<<
In any case, once the company receives word one way or the other from NASDAQ, I would expect to see a PR within a day or two.
Well, the deadline has come and gone and NOTHING I guess we bagholders are just stuck with more useless baggage (lawyers) that we'll eventually have to pay dearly for. When is enough enough? When will the SEC consider the welfare of the poor share holders and not just the fat cats? I guess when pigs can fly and wall street can tell the truth.
The company had to furnish their plan to get back into compliance to the SEC within 60 days. They were not required to make their plan public. Once they submit their plan to the SEC, then the SEC can approve an additional 180 days for them to execute the plan before delisting.
Most likely MLNK submitted the plan to the SEC and the plan is being reviewed. They will not likely be delisted.
The next catalyst remains to be either a new CEO, results of the strategic review, or a move by one of the activist shareholders.