The snack manufacturer said that it currently is in the process of restating its financial results for fiscal 2010 and 2011 after a probe revealed improper accounting.
Diamond Foods has indicated that it would appeal to any delisting action taken by Nasdaq and also plans to seek an extension to the condition under Nasdaq rules that it hold its annual shareholder meeting before 31 July 2012.
According to the company, it has made considerable progress on completing the restatement for the fiscal years 2010 and 2011 as well as the quarterly reports for the first three quarters of 2012, and plans to file its statements as soon as possible.
As soon as the statements have been filed, the company expects to conduct the shareholder meeting.
Diamond Foods is still reeling from the accounting scandal, which surfaced in February 2012 after the company's audit committee revealed that the company had improperly accounted millions of dollars in payments to walnut growers - an estimated $20m in 2010 and $60m in 2011.
The scandal led to the departure of CEO and CFO and the termination of an agreement to acquire snack brand Pringles from Procter & Gamble, a deal which would have made Diamond Foods a leading snack company in the US.
In May 2012, private equity firm Oaktree Capital Management has agreed to invest $225m in Diamond Foods, allowing the snack maker to rebuild its balance sheet, meet funding requirements and support future growth plans.
