Sonus ( SONS) has been informed by the Nasdaq that it has until Feb. 12 to file its delinquent financial reports.

The Chelmsford, Mass., networking equipment shop was given a waiver by a Nasdaq panel, allowing the company's stock to continue to trade despite Sonus' failure to stay within quarterly reporting guidelines.

The company has completed an internal review of its stock-option grants and says it is working to complete its revised books. The company has not filed financial reports for the second or third quarter, a violation of the Nasdaq's trading rules.

Sonus says it can't promise to have all its filings in to the Securities and Exchange Commission by the Feb. 12 deadline.

The company says it "intends to request that the Nasdaq Listing and Hearing Review Council review the panel's decision," which would result in removing the stock from the Nasdaq, if the deadline is missed.

Sonus also said it has seen record-high order levels in the fourth quarter and for the full year of 2006.

"We look forward to completing the stock option review as soon as possible and reporting our full financial results, which will underscore the continuous progress we are making in our business," CEO Hassan Ahmed said in a press release.

Sonus shares rose 38 cents, or 6%, to $6.97 in early trading Wednesday.