Nasdaq has told US snack maker Diamond Foods that failure to file its latest annual report on time will serve as another factor that might lead to a delisting of its shares.
In a stock market filing on Friday (5 October), Diamond said it had received a determination letter from the Nasdaq that said its late filing provided an additional basis for the potential delisting as the company works to get in its filings with the SEC up to date.
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The firm faced possible delisting in June after missing a deadline to file three quarterly reports, but Diamond received an extension from Nasdaq last month allowing it to remain listed on condition it gets its financial reports up to date by 7 December and holds its annual meeting by 14 January.
Diamond said it intends to file all of its late SEC filings “as promptly as practicable”, including its 2012 annual report. The firm said it also intends to circulate proxy materials for its annual meeting of shareholders, and to hold that meeting, “as soon as possible after filing those periodic reports with the SEC”.
Last year, the company suffered a delay in its acquisition of Pringles from consumer goods giant Procter & Gamble following the launch of an internal probe into prices paid to walnut growers.
The company incurred substantial costs as a result of the conclusion of the investigation.
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