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Team Staff, Inc. (NASD: TSTF) reported it received a notice from The Nasdaq Stock Market that it is no longer in compliance with listing requirements because it did not timely file its 10-K annual report for the fiscal year ended Sept. 30, 2010, according to a filing with the U.S. Securities and Exchange Commission. As a result, the company could face delisting.
TeamStaff has until March 15 to submit to Nasdaq a plan to regain compliance.
If Nasdaq accepts the plan, it can grant an exception of up to 180 calendar days from the filing's due date, or until July 12, for the company to regain compliance. In the event Nasdaq determines that the company's plan is not sufficient to regain compliance, it will send written notice that the company's common stock will be subject to delisting. At that time, the company may appeal the delisting decision to a Nasdaq hearing panel.
TeamStaff, based in Somerset, N.J., provides logistics and healthcare services, including staffing, to the federal government.