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Liberty Tax receives another noncompliance notice after missing 10-Q deadline

Liberty Tax Inc. said March 16 that it received another noncompliance notice from Nasdaq after failing to file its Form 10-Q for the quarter ended Jan. 31 on time.

The tax services company filed a notification of late filing on March 12, saying it was unable to file the Form 10-Q before the deadline due to the resignation of its public accounting firm, KPMG LLP, on Dec. 8, 2017.

Nasdaq previously issued a noncompliance notice to Liberty Tax in December 2017 when it failed to file its Form 10-Q for the quarter ended Oct. 31.

In the latest notice, Nasdaq gave Liberty Tax until June 11 to file the forms for the quarters ended Oct. 31, 2017, and Jan. 31 with the SEC to regain compliance with the exchange's listing rule.

In a separate notification dated March 15, Nasdaq also granted the company an extension until May 31 to meet the listing requirement of having at least three audit committee members. Liberty Tax failed to comply with the listing rule after the resignations of directors John Garel and Steven Ibbotson, who both served on the board's audit committee.