VANCOUVER, WA -- (Marketwire) -- 03/22/12 -- Northwest Pipe Company (NASDAQ: NWPX) today announced that it has received a notice from the Nasdaq Stock Market (the "Nasdaq Letter") stating that the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") because it did not timely file its Annual Report on Form 10-K for the year ended December 31, 2011.
In connection with the Company's delinquent filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 ("September Form 10-Q"), the Company received a letter from Nasdaq on November 15, 2011, stating that the Company was required to submit to Nasdaq a plan (the "Compliance Plan") to regain compliance with the Listing Rule. The Company submitted the Compliance Plan to Nasdaq on January 17, 2012, and Nasdaq subsequently granted the Company an exception until April 16, 2012 to file the delinquent September Form 10-Q. The Nasdaq Letter states that the Company is required to submit an update to the Compliance Plan no later than April 2, 2012, and that any additional exception allowing the Company to regain compliance with the Listing Rule will be limited to a maximum of 180 calendar days from the original delinquency, or until May 14, 2012.
The Company plans to submit an update to the Compliance Plan to Nasdaq by April 2, 2012.
About Northwest Pipe Company
Northwest Pipe Company manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of products including energy, construction, agriculture and industrial systems.