Days before its stock was set to be delisted,
has won a rare reprieve from
board of directors.
The company announced in an
filing late Thursday that Nasdaq's board has stayed the decision to suspend its shares from trading on the exchange while it reviews the case.
Intervention by the Nasdaq board is extremely rare and comes
as the exchange grapples with a slew of companies facing deadlines to file missing financial reports.
Foundry is among the many companies that have become delinquent in their periodic filings as they attempt to restate previous financials to account for stock option backdating.
Foundry, which has not filed earnings reports for the past four quarters, had until June 8 to get up to date. Its stock was slated to be ejected from the Nasdaq on June 12 if it didn't meet the deadline.
Foundry, which makes data networking products, said it expects to file its missing reports shortly.
Shares of Foundry slipped 2.9%, or 47 cents, to $16.67 in extended trading.