Avid® (Nasdaq:AVID) received a notification letter from NASDAQ on 21 February indicating that the NASDAQ Listing Qualifications Hearings Panel had delisted the shares of the company from The NASDAQ Stock Market and, accordingly, suspended trading in the company’s shares, which became effective at the open of business on Tuesday, 25 February, 2014.
Following the suspension of trading of the company’s common stock on NASDAQ, the company’s common shares will begin trading on the OTC Markets – OTC Pink Tier under the trading symbol AVID.
The company intends to complete the restatement and regain compliance with its SEC filing requirements as soon as it is practicable. The company targets mid-2014 for completion of the restatement. In connection with becoming current in its SEC filing requirements, the company intends to apply for prompt relisting on the NASDAQ Stock Market as early as possible after regaining compliance with the listing requirements.