Panel OKs Stein Mart's continued Nasdaq listing
Stein Mart says panel grants request for continued listing on Nasdaq stock market
JACKSONVILLE, Fla. (AP) -- Discount retailer Stein Mart said Wednesday that a panel has granted its request for continued listing on the Nasdaq stock market while it takes steps to come into compliance with listing requirements.
The company requested a hearing before the panel last month after receiving a letter from the Nasdaq that it had not regained compliance with the listing requirements.
Stein Mart Inc. said Wednesday that Nasdaq said it must comply with all applicable requirements for continued listing on the exchange by August. This includes completing the restatement of certain financial results. The company previously disclosed that it did not file its 2012 second- and third-quarter financial results on time because it's still in the process of restating some prior financial statements for fiscal 2010 and 2011, 2012's first quarter, all quarters of 2011 and certain financial data for 2008 through 2011.
Stein Mart said Wednesday that it believes it will be up to date with its financial filings to the Securities and Exchange Commission before August.
The company had 262 stores at the end of March. Its shares finished at $7.56 on Tuesday.
