Updated from 4:56 p.m. ET on Feb. 24, to remove rating content from TheStreet Ratings, because TheStreet Ratings has withdrawn its rating on AVID due to Avid Technology announcing it would restate its earnings and the NASDAQ delisting.

NEW YORK (TheStreet) -- Avid Technology (AVID) - Get Report was falling 25.7% to $5.14 Monday after receiving a delist letter from NASDAQ.

The technology company announced that it received a notification letter from NASDAQ in Feb. 21 that said the NASDAQ Listing Qualifications Hearings Panel decided to delist the company. NASDAQ will suspend trading of the company's stock at the open of business on Tuesday, Feb. 25.

After the suspension of trading the company will begin trading on OTC markets.

Must read: Oversold Conditions For Avid Technology (AVID)