Diamond Foods has requested a hearing with Nasdaq after being told the company might be de-listed from the stock exchange for missing the deadline on filing its already-delayed financial results.
The embattled US snack food group has asked to appear before a Nasdaq panel to review a warning letter it received from the stock exchange on a possible de-listing.
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In the letter, Nasdaq informed Diamond that a hearing request will stay any delisting for an additional 15 days, or until 5 July, unless the company requests the stay be extended pending the hearing.
Diamond said it plans to request the delisting be delayed until the hearing, which would give it enough time to finish the delayed quarterly reports.
Diamond missed a 11 June deadline to file its restated financial statements. The company said it had expected to receive the delisting determination letter from Nasdaq.
The Kettle Chips maker is in the process of preparing a restatement of its financial statements for fiscal 2010/2011 after an internal investigation found the company had incorrectly accounted for payments to walnut growers.
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By GlobalDataDiamond said the Nasdaq listing qualifications department informed the company that it remains “noncompliant” with the filing requirements for continued listing under Nasdaq Marketplace Rule 5250, and as a result faced de-listing.
The company said the delisting determination letter has no effect on the listing of its stock at the present time.
