OSLO, Norway, May 20, 2021 /PRNewswire/ -- Opera Limited
(Nasdaq: OPRA) (the "Company"), one of the world's largest
internet consumer brands with hundreds of millions of users
worldwide, announced that it received a letter from the Nasdaq
Stock Market on May 18, 2021,
notifying the Company that it is not in compliance with the
requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not
having timely filed its annual report on Form 20-F for the fiscal
year ended December 31, 2020.This notification has no immediate
effect on the listing or trading of the Company's shares.
As indicated in Company's first quarter 2021 earnings release
dated April 27, 2021, the Company is
in the final stages of preparing its annual report on Form 20-F.
The Company's investee, Nanobank, is conducting its
first annual closing of IFRS figures across all of its active
markets, and the related external audit under PCAOB auditing
standards, upon which the Company relies in finalizing its
reporting on Form 20-F. Nanobank's location in
India has in particular seen
closing process impacts from the local COVID-19 resurgence which
have affected both Nanobank's staff and its external
audit team, resulting in significant delays in completing all
required processes. Due to the foregoing, Nanobank has not been
able to complete its reporting to the Company, with the result that
the Company has been unable to finalize its consolidated financial
statements within the prescribed time period for Form 20-F.
Nasdaq has informed the Company that it must submit a plan of
compliance within 60 calendar days, addressing how it intends to
regain compliance with Nasdaq's listing rules and, if Nasdaq
accepts the plan, it can grant an extension of up to 180 calendar
days from the original Form 20-F filing due date, or until
November 12, 2021, to regain
compliance. The Company anticipates that it will file its Form 20-F
well within the initial 60-day period and thereby regain compliance
with Nasdaq continued listing requirements.
About Opera Limited
Opera is a global web innovator. Opera's browsers, news products
and fintech solutions are the trusted choice of hundreds of
millions of users worldwide. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock
exchange (OPRA). Download the Opera browser from www.opera.com.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/opera-limited-receives-nasdaq-notification-of-non-compliance-with-listing-rule-5250c1-301296491.html
SOURCE Opera Limited