Benzinga | Mar 8, 2021 04:25PM EST

Ebix Receives NASDAQ Non-Compliance Letter, Co. Says Targeting Compliance By April 20, 2021

JOHNS CREEK, Ga., March 08, 2021 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, announced today that it received a notice letter dated March 2, 2021 from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") stating, that as a result of the Company's failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2020 (the "Annual Report"), the Company is not in compliance with Nasdaq's Listing Rule 5220(c)(1).

Nasdaq stated in its notification that the Company has 45 calendar days, or until April 16, 2021, to submit a plan to regain compliance. The Company intends to submit a plan of compliance on or before the April 16, 2021 deadline. Nasdaq's notification has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market.

As previously disclosed, the Company's former auditor, RSM US LLP, resigned on February 15, 2021, rendering it impossible for the Company to timely file its Annual Report on Form 10-K for the year ended December 31, 2020 by the due date of March 1, 2021; however, as reported in the Company's press release earlier this morning, the Company has retained KG Somani & Co. ("KGS") as its independent registered public accounting firm to audit the Company's 2020 financial statements, and the Company plans to work diligently with KGS to complete its annual filing with the U.S. Securities and Exchange Commission as soon as reasonably practical and is targeting submission of this filing by April 20, 2021.