ACI Worldwide (NasdaqGS:ACIW) (the "Company") today announced that on December 19, 2007 it received a written Staff Determination notice from the NASDAQ Stock Market ("NASDAQ") stating that the Company is not in compliance with NASDAQ's Marketplace Rule 4310(c) (14) because it did not timely file its Annual Report on Form 10-K for the fiscal year ended September 30, 2007.
The regulatory filing date for that Form 10-K was November 29, 2007 (the "2007 Form 10-K"). NASDAQ Marketplace Rule 4310(c)(14) requires the Company to make on a timely basis all filings with the Securities and Exchange Commission, as required by the Securities Exchange Act of 1934, as amended.
The Company was unable to timely file its 2007 Form 10-K for the reasons previously announced by the Company on November 28, 2007 due to the fact that the Company had not yet completed the procedures needed to close the fiscal 2007 financial year, primarily in the areas of income taxes and internal controls testing and evaluation. This initial delay was a result of the compressed timeframe stemming from the Company's filing of four regulatory reports in the preceding four and half months. Although the Company is substantially complete with its fiscal 2007 close, the Company's filing of its 2007 Form 10-K was further delayed, as announced on December 17, 2007, due to the fact that the Company is reviewing certain tax deductions previously taken on its US federal tax returns for fiscal years September 30, 2004 through 2006. The Company is still evaluating the impact to its financial statements, if any, from this analysis. The Company intends to continue to devote all available resources with the objective of filing its fiscal 2007 Form 10-K as promptly as practicable.
The Company will request a hearing before a NASDAQ Listing Qualifications Panel to review the Staff Determination. There can be no assurance that the panel will grant the Company's request for continued listing. Pending a decision by the hearing panel, the Company's common stock will continue to be traded on The NASDAQ Global Select Market.