Apple Safe From NASDAQ De-Listing for Now

by , 9:30 AM EDT, October 27th, 2006

The NASDAQ stock exchange has reached an agreement that prevents Apple Computer from being de-listed over its past-due quarterly reports. According to CRN, the stock exchange said that Apple shares can continue to be traded as long as the company files its late form 10-Q with the U.S. Securities and Exchange Commission (SEC) before the end of December.

In a filing with the SEC, Apple said that it "received a written notification from the staff of The Nasdaq Stock Market stating that the Nasdaq Listing Qualifications Panel has granted the Company's request for continued listing on The Nasdaq Stock Market, subject to the condition that the Company shall file its Form 10-Q for the quarter ended July 1, 2006, and any required restatements, by December 29, 2006."

Apple failed to file the quarterly report with the SEC because it has been conducting an internal investigation into possible stock options grant irregularities. So far, the company has found 15 instances where options may have been improperly backdated.

In the even that Apple isn't able to file the required documents by the deadline, the company will request another extension from the NASDAQ Listing Qualifications Panel.

Apple stock is currently trading at US$82.12, down 0.07 (0.09%).

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