Merge Healthcare reported that the company has received notification from Nasdaq that its securities are subject to delisting from that market.
The Milwaukee-based firm has not yet filed its annual report on Form 10-K for its 2005 fiscal year (end-December 31) due to issues relating to revenue recognition and tax accounting matters pertaining to its merger with Cedara Software of Mississauga, Ontario, in June 2005. As such it is not in compliance with Nasdaq Marketplace Rule 4310(c)(14), and the company's securities are subject to delisting from the Nasdaq National Market.
In accordance with Nasdaq rules, Merge has requested a hearing before a Nasdaq listing qualifications panel for continued listing on the exchange. No action will be taken to delist the firm's common stock until the panel has completed its review, the company said.
By AuntMinnie.com staff writers
March 24, 2006
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