Net 1 UEPS Technologies Inc. received a delinquency notification letter from the Nasdaq Stock Market LLC on Oct. 1 stating it was not in compliance with a Nasdaq listing rule because of a delay in the filing of its Form 10-K for the fiscal year ended June 30.
As previously disclosed, Net 1 is assessing the potential impact on its financial statements of the Supreme Court of Appeal of South Africa's ruling requiring the company to repay certain implementation costs that the South African Social Security Agency paid to the company in 2014.
The company said it intends to file its Form 10-K as soon as practicable to regain compliance with Nasdaq's listing requirements.
Nasdaq's notice has no immediate effect on the listing or trading of Net 1's common stock on the Nasdaq Global Select Market.
