Publisher: Force Protection, Inc.
Date: 08/14/2008
Ladson, SC (August 14, 2008) -- Force Protection, Inc. (NASDAQ: FRPT) today announced that on August 12, 2008 it received a notice from the staff of The Nasdaq Stock Market stating that the Company is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) as a result of not filing with the Securities and Exchange Commission its Form 10-Q for the quarter ended June 30, 2008 and that Force Protection is subject to having its stock delisted from the Nasdaq Capital Market. The NASDAQ previously issued a Staff Determination Letter regarding the continued listing of the Company’s stock on the Nasdaq Capital Market due to the Company’s failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and issued an Additional Staff Determination Letter regarding the Company’s failure to file its Quarterly Report on Form 10-Q for the period ended March 31, 2008. The Additional Staff Determination, dated August 12, 2008, indicates that non-compliance as a result of the Company’s failure to file its Form 10-Q serves as an additional basis for the delisting of the Company’s stock. At the Company’s request, a hearing on the Staff Determination was conducted before the Nasdaq Listing Qualifications Panel. On May 29, 2008, the Company received a letter from the Nasdaq Hearings Panel granting its request for continued listing on the Nasdaq Stock Market until September 15, 2008, subject to certain conditions. These conditions include, without limitation, that on or before September 15, 2008 Force Protection shall file with the SEC its Form 10-K for the fiscal year ended December 31, 2007, the Form 10-Q for the fiscal quarter ended March 31, 2008 and any required restatements. As a result, the Company’s common stock may remain listed with the Nasdaq Capital Market until September 15, 2008.
On March 3, 2008, Force Protection filed a Form 12b-25 with the SEC which explains certain material weaknesses in internal control over financial reporting identified by Force Protection for the year ended December 31, 2007. For further discussion of previously identified material weaknesses refer to Item 9A of the Company’s Form 10-K/A for the year ended December 31, 2006 as filed with the SEC on October 15, 2007.
Previously, Force Protection announced that as of April 10, 2008, the Company’s Audit Committee had engaged Grant Thornton LLP as the Company’s new independent registered public accounting firm for the fiscal year ended December 31, 2007 and the fiscal year ending December 31, 2008 effective as of April 10, 2008.
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