The NASDAQ stock exchange will not de-list Apple, as long as the company files its overdue quarterly report with the U.S. SEC, Apple said in another filing Friday. Apple – which had appealed NASDAQ’s previous de-listing notice – said the exchange will allow its shares of stock to continue trading on condition that Apple files its tardy 10Q within two months. “On October 24, 2006, Apple 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 said in Friday’s SEC filing.
Not likely to hit the pink sheets at $80+.
… of being delisted. This is simply media hype.
I wonder, is there any good reason to be late on this type of a submission? I would image you would try to avoid being late at all costs because the company’s stock is very important to them and their customers.
They are late because of the option problems. They can’t risk to fill their 10Q without beeing 100% sure that everything is ok — if the SEC decides to investigates, they won’t be lenient if some errors are still here.
The SEC and the nas aren’t harsh with apple for the moment, simply because apple proactively conducted its own inquiry, etc (basically, acted like a good boy). But Apple can’t afford making any mistakes, which is why they take as much time as they can to verify everything before filling it. Even if the actual financial cost of the options will be (imho) “small”, they impacts many things, so a lot of transactions to check, etc.
That being said, there’s zero chances for Apple to be delisted — it’s not in the interest of the Nasdaq, and even if somehow Apple do not release their 10Q by the end of december (something _extremely_ unlikely), they would still have the right for another extension anyway.