Tower Group International Ltd. said it has received a notification letter from The NASDAQ Listing Qualification Department on March 5, 2014, stating that the company is not in compliance with the continued listing requirements.
Tower fell out of compliance because the company has not yet filed its annual report for 2013 (on Form 10-K) with the Securities and Exchange Commission.
According to Tower’s press release, the NASDAQ notice has no immediate effect on the listing or trading of the company’s common stock on The NASDAQ Global Market because listing rules give the company 60 days to submit a plan to regain compliance.
Tower said it currently expects to file the 10-K with the SEC on or about the end of March.
Source: Tower Group International Ltd.