ATLANTA — Restaurant equipment maker TurboChef Technologies Inc. received a Nasdaq Staff Determination letter on Aug. 16, the company announced. The letter outlines an additional basis for delisting the company's securities from the Nasdaq stock market because of the company's failure to file its quarterly report for the quarter ended June 30.
TurboChef has been granted a request for continued listing on The Nasdaq Stock Market, subject to certain conditions including the company file its annual report by Aug. 31.
TurboChef is conducting a review of its stock-option grants and practices in response to a March letter from the Securities and Exchange Commission requesting information concerning the company's stock-option grants for the period from Jan. 1, 1997, through the present.
TurboChef announced in June it will have to restate some of its prior earnings because of issues relating to the stock-option grants.
TurboChef recorded a loss of $6.5 million for the second quarter ended June 30, bringing its year-to-date loss to $11.4 million.