Novell Receives NASDAQ Notice of Non-compliance

Posted in Finance, Novell at 3:33 pm by Shane Coyle

After filing to delay their annual report, it was not unexpected that Novell would hear from Nasdaq again with an additional non-compliance notice.

In response to the first notice of non-compliance, Novell requested a hearing before a NASDAQ Listing Qualifications Panel (the “Panel”). On Jan. 9, 2007, the Panel granted Novell’s request for continued listing subject to the requirements that, on or before March 1, 2007, Novell provide the Panel with certain information relating to the Audit Committee’s review and, on or before March 13, 2007, Novell file the Third Quarter Form 10-Q and any necessary restatements.

The current NASDAQ notice requests that Novell make a new submission to the Panel. Accordingly, Novell intends to provide the Panel with a submission describing its efforts to file the Form 10-K and requesting a further extension to make that filing.

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