Dell Keeps Listing
The Nasdaq gave Dell (DELL) another stay of execution.
The Round Rock, Texas, PC maker -- which had until Monday to catch-up on several quarters' worth of delinquent financial filings -- announced Monday morning that its stock will continue to be listed while the Nasdaq board reviews its case.
Dell has not filed complete reports with the Securities and Exchange Commission since mid-2006 because of an ongoing investigation into its past accounting practices. Under Nasdaq regulations, any such delays automatically trigger a delisting notice.
On June 27, the Nasdaq Listing and Hearing Review Council gave Dell an extension until July 16 to get current with its filings or see trading in its shares suspended.Dell is the latest company facing a delisting deadline to benefit from Nasdaq's recent leniency when it comes to enforcing listing requirements. Last month, Marvell Technology (MRVL) and Foundry Networks (FDRY) announced similar reprieves from Nasdaq's board of directors, and a handful of other delinquent filers have recently asked for similar treatment. Dell reiterated its commitment to regaining compliance with all Nasdaq listing requirements on Monday, although it did not provide an update on when it anticipates filing the missing financial reports. Shares of Dell were up 1.4%, or 40 cents, at $29.22 in midday trading Monday.
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