Sanmina Could Face Delisting

Sanmina-SCI (SANM Quote) received a letter from Nasdaq officials warning that the company's stock could be delisted because it wasn't able to file its quarterly report on time.

The announcement came two days after Sanmina said it would delay the filing for the quarter ended July 1 in order to properly investigate whether any past option grants had been potentially backdated. The letter was issued in accordance with Nasdaq's procedures.

The electronics-manufacturing company has requested a hearing before the Nasdaq listing qualifications panel in response to the letter. Pending a decision by the committee, Sanmina will remain listed.

Sanmina added 16 cents, or 4.9%, to $3.41 in recent trading Wednesday.

On Monday, the company admitted an internal probe found discrepancies between the actual and recorded dates of certain option grants.

Sanmina said it can't yet determine the impact to its financial statements, including which accounting periods may be affected, if any. The company said it's working to resolve the issues so it can file its financials, along with any restatements, within the next month.