Burlington-based digital audio and video technology maker Avid Technology Inc. said this week that the company is no longer in compliance with NASDAQ listing requirements because of the company delaying its fourth-quarter earnings report.
According to a letter from staff of the NASDAQ Listing Qualifications Department, a company is required to file timely periodic reports with the Securities and Exchange Commission.
Avid officials said the company intends to submit to the staff a plan as to how it plans to regain compliance with NASDAQ's continued listing requirements. The plan must be submitted by May 20. If staff accepts Avid's plan, the company expects to have until Sept. 16 to regain compliance.
The company said the NASDAQ notice has no immediate effect on the listing of Avid's common stock on the NASDAQ Global Select Market.
Last month, the company said it was postponing its earnings release as Avid needed more time "to evaluate its current and historical accounting treatment related to bug fixes, upgrades and enhancements to certain products, which the company has provided to certain customers."
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