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On Mon, Feb 24, 2014 at 4:30 PM, Jeff Kreines <jeff@kinetta.com> wrote:
Paging Grant Petty… Paging Grant Petty!On Feb 24, 2014, at 5:16 PM, Richard Tibbetts <huipro@hawaii.rr.com> wrote:
As feared, due to it's accounting problems, the company's stock is being removed from the NASDAQ tech exchange and will be sold "over the counter" starting tomorrow.The rush to dump shares resulted in a 28% decline today. Starting tomorrow, it trades on the pink sheet along with other distressed companies and "penny stocks". From here, trading volumes could be inconsistent and prices quite volatile.The company put out a statement:Avid Receives Anticipated NASDAQ Delist LetterShares will continue to trade on OTC Markets - OTC Pink Tier; Company targets mid-2014 for completion of the restatement processBURLINGTON, MA- February 24, 2014- Avid® ( NASDAQ: AVID) announced that as expected, it received a notification letter from NASDAQ on February 21, 2014 indicating that the NASDAQ Listing Qualifications Hearings Panel had determined to delist the shares of the Company from The NASDAQ Stock Market and, accordingly, suspend trading in the Company's shares effective at the open of business on Tuesday, February 25, 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. For quotes or additional information on OTC Markets and the OTC Pink Tier, please visit www.otcmarkets.com.The Company intends to complete the restatement and regain compliance with its SEC filing requirements as soon as practicable. The Company is targeting 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.
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