Apple on Friday announced that it will request a hearing before the NASDAQ Listing Qualifications Panel. The company is responding to a NASDAQ Staff Determination Letter it received on Friday that claims Apple is not in compliance with the filing requirements for continued listing, as set forth by Marketplace Rule 4301(c)(14).
The letter from NASDAQ is not unexpected, according to Apple — it’s in response to Apple’s notification that it will delay filing its Form 10-Q with the United States Securities and Exchange Commission (SEC) for its fiscal quarter that ended July July 1, 2006. That NASDAQ Marketplace Rule requires companies listed on the exchange
delaying the filing
of that 10-Q because it said it may have to restate earnings for that period, in light of reviews over irregularities relating to past stock option grants.
Pending a decision by the panel, Apple shares will remain listed on the NASDAQ Stock Market. Apple plans to file its Form 10-Q following completion of an independent investigation by the special committee of Apple’s outside directors.