Winstar Communications

(WCII)

filed for an extension before submitting its annual report to the

Securities and Exchange Commission

, because the company is holding talks concerning "certain material transactions" that haven't been completed.

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The broadband services company said it had to delay the filing because of the uncertainty surrounding the possible transactions, which, in turn, has occupied employees who otherwise would have worked on the annual report.

Winstar now expects to file its annual report with the SEC by April 17. The company said it wouldn't provide any additional information or comment at this time.

Shares of Winstar lost $1.06, or 50%, to $1.06 in recent

Nasdaq

trading.