Imax warned of delisting by Nasdaq
EmptyTORONTO -- Giant-screen exhibitor Imax Corp. said Friday that it has received a second warning from the Nasdaq financial exchange that it faces delisting of its stock for failing to file its 2006 financial results on time.
Toronto-based Imax said the May 14 letter from the U.S.-based Nasdaq was a formality and had been anticipated.
"We don't expect Imax to be delisted form the exchange. It's a normal notice saying it (Nasdaq) reserves the right to delist," an Imax spokesman said.
Imax added that the delisting of its stock has been stayed by a hearing with Nasdaq officials scheduled for ThursdayMay 24. At that meeting, the Imax spokesman said exchange officials will be told that the exhibitor intends to file its financial statements "within a reasonable amount of time."
The company spokesman put no time frame on that anticipated financial disclosure.
An initial April 3 letter from Nasdaq to Imax indicated that the U.S. exchange had "started the clock" on a delisting (HR 4/10).
Imax first announced that it would delay filing its 10-K and annual financial results on March 29 after broadening an internal review into accounting errors stretching over a six-year period (HR 3/30).