US trading technology vendor Nyfix says its shares will be de-listed from the Nasdaq marketplace after it failed to meet today's deadline to become current in its financial reporting.
The move follows last week's announcement by Nyfix that Deloitte & Touche had resigned as the company's independent auditor, which sent the vendor's shares plummeting 44% to close at $2.87 on Thursday.
That news came a week after Nyfix said it would restate almost four years of financial results to correct accounting of stock options, which may have overstated non-cash compensation expense by about $2 million.
In today's statement, Nyfix says Nasdaq had previously provided it with an extension until 31 October 2005 to become current in its financial reporting, but it will not meet this deadline. As a result, Nyfix has been notified by Nasdaq that its common stock will be delisted from the National Market System as of market opening on Tuesday 1 November 2005.
Nyfix says it expects that, following the Nasdaq delisting, its common stock will be traded in the Pink Sheets.
The vendor also says it expects to report revenue of about $25 million for the quarter ending 30 September 2005 and expects to report a share loss of between one and three cents.