LOS ANGELES – Motorcar Parts of America Inc. (MPA) announced that it has received a notice from the NASDAQ Stock Market indicating that the company is not in compliance with NASDAQ listing rules because its Form 10-Q for its fiscal 2013 first quarter ended June 30, was not timely filed.
The notice was issued in accordance with standard NASDAQ procedures as a result of the delayed filing. Timely filing of periodic reports is a requirement for continued listing under NASDAQ Marketplace Rule 5250(c)(1). MPA stated the delay in filing is due to the company’s inability to timely process the financial information for the fiscal year as a result of the company’s acquisition of Fenwick Automotive Products Limited and related companies in May 2011. This consequently has delayed the filing of the company’s fiscal 2013 first quarter Form 10-Q.
MPA received a similar notice in July for not filing its Form 10-K for the fiscal year ended March 31, in a timely manner.
The company says it is focusing significant efforts on completing the processing of this information and expects to file its Form 10-K for the fiscal year ended March 31 in the near future. The company also noted that it expects to file its fiscal 2013 first quarter report shortly thereafter.
The NASDAQ notice directs the company to submit a plan to regain compliance with the continued listing requirements by Aug. 28. MPA says it expects to address the notice by filing its Forms 10-K and 10-Q and submitting a required compliance plan.
