Amsterdam – April 29, 2016; 22:05 CET — Cnova N.V. (NASDAQ and Euronext Paris: CNV, ISIN NL0010949392) (“Cnova” or the “Company”) today announced that, on April 28, 2016, the Company received notice from the NASDAQ Listing Qualifications Staff indicating that the Company no longer complies with the NASDAQ Listing Rules (the “Rules”) for continued listing because the Company has not yet filed its Annual Report on Form 20-F for the year ended December 31, 2015, as required by NASDAQ Rule 5250(c).
Under the Rules, the Company has until June 27, 2016, to submit to NASDAQ a plan to regain compliance and, if NASDAQ accepts the Company’s plan, NASDAQ may grant an exception from the Rules that would allow the Company until October 31, 2016, to regain compliance. As previously disclosed by the Company, the Company has engaged external legal and forensic accountants in connection with its internal review of inventory and accounting discrepancies at Cnova’s Brazilian subsidiary, as a result of which the Company was unable to file its Annual Report on Form 20-F for the year ended December 31, 2015, within the prescribed time. The internal review is ongoing, but the Company expects that it will be able to regain compliance with the Rules by the specified deadline.
Earlier today, the Company filed its Form 12b-25 Notice of Late Filing with the U.S. Securities and Exchange Commission. The Company currently expects to publish and file its 2015 Annual Report on Form 20-F in June 2016 and its 2015 Dutch Annual Report at approximately the same time.
This announcement is being made in compliance with Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency letter. The notice letter from the NASDAQ Listing Qualifications Staff does not result in the delisting of the Company’s ordinary shares, which will continue to trade uninterrupted on The NASDAQ Stock Market, and for the avoidance of doubt on Euronext Paris, under the symbol “CNV.”