Bell Microproducts receives default notice on 3.75% convertibles

By Caroline Salls

Pittsburgh, Nov. 20 - Bell Microproducts, Inc. received default notices on its 3.75% convertible subordinated notes due 2024 and 3.75% convertible subordinated notes series B due 2024 because of a delay in filing its 10-Q report for the quarter ended Sept. 30, according to a company news release.

Bell Microproducts has until Dec. 14 to cure the default.

According to the release, the company intends to seek a waiver from the holders of more than 50% of the outstanding principal amount of the notes if it is unable to file the 10-Q by Dec. 14.

Bell said the 10-Q filing has been delayed because accounting errors require the company to restate its financials for some previous periods.

The company also received a Nasdaq staff determination notice stating that it is not in compliance with the filing requirements for continued listing.

Bell said it has requested a hearing to review the determination notice before a Nasdaq Listing Qualifications Panel, which will automatically stay the suspension of trading of the company's common stock on the Nasdaq Global Market.

Bell is based in San Jose, Calif., and distributes storage and computing technologies.

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