Imaging equipment developer Analogic could face delisting on the Nasdaq stock exchange due to its failure to file an annual report on time. The Peabody, MA, company has received a letter from Nasdaq indicating that it is not in compliance with the stock exchange's listing requirements due to the delay in filing its Form 10-K annual report.
Analogic said last week that it was delaying the filing of its annual report as it conducts a review into revenue-recognition procedures at its Camtronics subsidiary.
Analogic said it intends to request a hearing with a Nasdaq listing qualifications panel to appeal a delisting decision. Analogic's common stock will remain listed on the Nasdaq National Market pending the outcome of the appeal.
While Analogic said it is working to complete the preparation and audit of its financial statements for the year and to file its annual report, it can provide no assurances that the panel will grant Analogic's request for continued listing.
As a result of Analogic's noncompliance with the listing requirements, the trading symbol for Analogic's common stock will be changed from ALOG to ALOGE effective as of the opening of business on Thursday, November 4, 2004.
By AuntMinnie.com staff writers
November 3, 2004
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