The notice stated that the company is not in compliance with Section 802.01E of the NYSE Listed Company Manual for failing to file its quarterly report on Form 10-Q for the quarter ending 30 June 2020, with the Securities and Exchange Commission (SEC) on time.
The news follows Capacity’s reporting that GTT said that it would be delaying its results for the quarter ending 30 June 2020, due to “certain issues related to the recording and reporting of cost of telecommunications services and related internal controls”, as listed in it Form 12b-25 filed with the SEC on 10 August 2020.
Under the NYSE’s rules, GTT can regain compliance with listing requirements by filing the Form 10-Q with the SEC at any time before to 17 February 2021.
However, If the company fails to do so by this date, the NYSE may grant a further extension of up to six additional months, depending on the specific circumstances. In addition, the notice indicates that the NYSE can start delisting proceedings at any time during the period that is available to complete the filing, if it sees fit.
GTT said it continued to work on completing its aforementioned review into the issues that have led to its delay in filing, but is currently unable to confirm when it will be concluded, or the potential outcome. As a result, GTT continues to work expeditiously to conclude the review and will file the Form 10-Q as soon as possible.