ClearOne Receives NASDAQ Notification Letter

SALT LAKE CITY, Dec. 1, 2015 /PRNewswire/ -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communications solutions, today announced, in accordance with NASDAQ Rules and as previously disclosed on Form 8-K today, that it received a notification letter from staff of the NASDAQ Listing Qualifications Department, dated November 24, 2015, stating that ClearOne is not in compliance with NASDAQ Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission (SEC).  The letter was issued in accordance with standard NASDAQ procedure under NASDAQ Listing Rule 5810(c)(2).

As previously disclosed, ClearOne's former auditor, McGladrey LLP, resigned and withdrew its audit report of the Company's financial statements for the year ended December 31, 2014 solely as a result of its determination that it was not independent of the Company for such period and subsequent interim periods.  McGladrey's resignation was not due to any reason related to ClearOne's financial reporting or accounting operations, policies or practices.  Prior to such determination, ClearOne did not believe there were any issues relating to McGladrey's independence.

ClearOne has 60 calendar days, or until January 25, 2016, to submit to NASDAQ a plan to regain compliance with the NASDAQ Listing Rules.  ClearOne intends to (i) complete the re-audit of ClearOne's consolidated financial statements for the year ended December 31, 2014 with its new auditors and file the new report of Independent Registered Public Accounting Firm relating to ClearOne's consolidated financial statements for the year ended December 31, 2014, (ii) complete the re-review of ClearOne's financial statements for the interim periods ended March 31, 2015 and June 30, 2015 with its new auditors, and (iii) file ClearOne's Form 10-Q for the period ended September 30, 2015 as soon as possible and before the plan has to be submitted to NASDAQ to regain compliance.

About ClearOne

ClearOne is a global company that designs, develops and sells conferencing, collaboration, streaming, and digital signage solutions for voice and visual communications.  The performance and simplicity of its advanced comprehensive solutions offer unprecedented levels of functionality, reliability and scalability.  More information about the company can be found at www.clearone.com.

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SOURCE ClearOne

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