Nasdaq makes nice with NEC
By Colleen Taylor -- EDN, January 17, 2007
After threats of delisting stemming from the company's ongoing stock options probe, Japan-based NEC Corp. received notification today from the Nasdaq that a listing qualifications panel has given NEC a pass for its shares to continue to be listed on the market.
The market granted NEC's request for an extension to file its annual report to the Securities and Exchange Commission (SEC) on Form 20-F for the fiscal year ended March 31, 2006. Pursuant to the extension, NEC's shares will continue to be listed on the Nasdaq Global Select Market on the condition that NEC files the 2006 Form 20-F with the SEC by Feb. 28.
In October, NEC received letter from Nasdaq threatening to delist its American depository receipts (ADR) as a consequence of the delayed filing of its 2006 Form 20-F. NEC's forms have been held up by an internal investigation of its historical stock options granting practices spurred by the recent industry-wide crack down on illegal stock options backdating. The company requested the extension at a hearing before the panel held on Nov. 16, and further requested that NEC's ADRs continue to be listed during the extension period.
In today's statement, NEC said it is currently "conducting the analysis necessary" for its audited financial statements to file its 2006 Form 20-F with the SEC.
