UTStarcom Faces Delisting from Nasdaq
From PR Newswire:
"UTStarcom, Inc. (NASDAQ: UTSI) , announced today that on March 20, 2006, it received a notice from the staff of The Nasdaq Stock Market indicating that the Company is not in compliance with Marketplace Rule 4310(c) (14) because it has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2005 (the "2005 Form 10-K"). The notice indicated that due to such noncompliance, the Company's common stock will be delisted at the opening of business on March 29, 2006 unless the Company requests a hearing in accordance with the Nasdaq Marketplace Rules.
The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel (the "Panel") to review the Nasdaq staff's determination. The hearing request will stay the delisting of the Company's common stock pending the Panel's decision. There can be no assurance that the Panel will grant the Company's request for continued listing."