Submitted response to previously announced SEC
comment letter involving non-cash accounting issue; targeting to
resolve matter within the month of August
WOODCLIFF LAKE, N.J., Aug. 16,
2024 /PRNewswire/ -- Powerfleet, Inc. (Nasdaq:
AIOT) today announced that on August
8 and August 15, 2024, the
Company received, as expected, written notices from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"), notifying the Company that it did not timely file its
Transition Report on Form 10-KT for the transition period ended
March 31, 2024 (the "Form 10-KT") and
its Quarterly Report on Form 10-Q for the quarter ended
June 30, 2024 (the "Form 10-Q"), as
required for continued listing on The Nasdaq Global Market pursuant
to Nasdaq Listing Rule 5250(c)(1).
Under Nasdaq rules, the Company has 60 calendar days from the
date of Nasdaq's initial written notice, or October 7, 2024, to submit to Nasdaq a plan to
regain compliance with Nasdaq Listing Rule 5250(c)(1).
As previously announced, the delay in the filing of the Form
10-KT and Form 10-Q follows the Company's receipt of a comment
letter from the Securities and Exchange Commission (the "SEC")
regarding the Company's determination of the accounting acquirer in
the recent business combination with MiX Telematics Limited, an
issue that is not expected to have any impact on the Company's
operating performance or cash flows. The Company is actively
collaborating with its auditors and legal advisors to address the
SEC's comment and has submitted its response to the SEC's comment.
The Company targets to resolve this matter within the month of
August. The Company expects to file the Form 10-KT and Form 10-Q
promptly following resolution of the SEC's comment to regain
compliance with Nasdaq Listing Rule 5250(c)(1).
The Company's common stock will continue to be listed and traded
on The Nasdaq Global Market during the 60-day grace period, subject
to its compliance with the other continued listing requirements of
The Nasdaq Global Market.
ABOUT POWERFLEET
Powerfleet (Nasdaq: AIOT; JSE: PWR;
TASE: PWFL) is a global leader in the artificial intelligence of
things (AIoT) software-as-a-service (SaaS) mobile asset industry.
With more than 30 years of experience, Powerfleet unifies business
operations through the ingestion, harmonization, and integration of
data, irrespective of source, and delivers actionable insights to
help companies save lives, time, and money. Powerfleet's ethos
transcends our data ecosystem and commitment to innovation; our
people-centric approach empowers our customers to realize impactful
and sustained business improvement. The company is headquartered in
New Jersey, United States, with offices around the globe.
Explore more at www.powerfleet.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements within the meaning of federal securities laws. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements. For example, forward-looking statements include,
without limitation, statements regarding the Company's anticipated
filing of the Form 10-KT and Form 10-Q. These forward-looking
statements are based on management's current expectations. These
statements are neither promises nor guarantees and are subject to
risks described in the Company's filings with the SEC, including
but not limited to those described under the heading "Risk Factors"
in its annual reports on Form 10-K, quarterly reports on Form 10-Q
and any other filings made with the SEC from time to time, which
are available via the SEC's website at http://www.sec.gov. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove to be incorrect, actual results may
vary materially from those indicated or anticipated by these
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. The forward-looking statements
included in this press release are made only as of the date of this
press release, and, unless otherwise required by applicable law,
the Company assumes no obligation to update any forward-looking
statements, and expressly disclaims any obligation to do so,
whether as a result of new information, future events or
otherwise.
Powerfleet Investor Contacts
Carolyn Capaccio and Jody Burfening
LHA Investor Relations
AIOTIRTeam@lhai.com
Powerfleet Media Contact
Andrea Hayton
ahayton@powerfleet.com
+1 (610) 401-1999
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SOURCE Powerfleet