Nasdaq gives Avid more time to comply with rules
(Associated Press Via Acquire Media NewsEdge) NEW YORK (AP) — Avid Technology Inc., which hasn't released any quarterly earnings this year, said Thursday that its stock will not be delisted from the Nasdaq for the time being.
Instead, Nasdaq is giving Avid until March 14 to file its earnings results and comply with the stock exchange's rules. Avid said that it expects to meet Nasdaq's requirements and file its quarterly earnings by that date.
The company announced earlier this year that it would stop reporting earnings because it is in the process of evaluating its accounting. In August, Nasdaq warned Avid that it could be delisted from the stock exchange. After a hearing, Nasdaq agreed to give the company more time to comply, Avid said.
The accounting evaluation is expected to cost the company between $15 million and $20 million. Its cash balance as of Sept. 30 was $50.2 million, the company said.
Avid, which is based in Burlington, Mass., makes equipment and software for digitally recording music and video. The technology is used to make feature films, music recordings, television shows, live concert tours and news broadcasts.
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