Big 5 Sporting Goods Corporation reported late Friday that it received a notice of a determination by Nasdaq's Listing Qualifications Staff that it fails to comply with Nasdaq listing standards set forth in Nasdaq Marketplace Rule 4310(c)(14) due to the delayed filing of its Annual Report on Form 10-K with the Securities and Exchange Commission and that its securities are therefore subject to delisting from the Nasdaq National Market.
The Company had previously announced that its Annual Report on Form 10-K for the fiscal year ended January 2, 2005 would not be filed with the Securities and Exchange Commission on a timely basis due to the work associated with certain restatements of the Company's prior reported financial statements. As also previously announced, the Company expects to be able to file its Form 10-K within the next few weeks.
As a result of the delay in filing the Form 10-K, effective Monday, April 11, 2005, the fifth character “E” will be appended to the Company's trading symbol on the Nasdaq Stock Market, indicating that the Company is delinquent in its filings with the Securities and Exchange Commission. Accordingly, the trading symbol for the Company's common stock will be BGFVE.
The Company intends to appeal the Staff's determination to the Nasdaq Listing Qualifications Panel, which will stay the delisting until the appeal has been heard and the Panel has rendered its decision. In connection with this appeal and pursuant to Nasdaq Marketplace Rule 4820, the Company intends to submit a written request for hearing to Nasdaq's Office of Listing Qualifications Hearings. There can be no assurance that the Panel will grant the Company's request for continued listing.