Novell and Nasdaq, Microsoft’s Latest Hire

Posted in Finance, Humour, Interoperability, Microsoft, Nasdaq, Novell, OSDL at 1:09 pm by Shane Coyle

A few quick notes on our friends in Waltham and Redmond, respecively.

Novell in Compliance with Nasdaq

This is certainly good to hear for Novell, and I no longer need to ponder making a template for those non-compliance notices each quarter. Now that their stock options review is complete they have filed all of their requisite paperwork, Novell are now considered as being back in the good graces of Nasdaq.

The company received three warnings from the exchange after it failed to submit two quarterly earnings reports and its 2006 annual report. Novell (nasdaq: NOVL – news – people ) said it submitted the reports last month after completing a review of past stock option grants.

Nasdaq officials notified the company Tuesday that the issue has been resolved and the company’s shares will continue trading on the exchange.

Microsoft Hires Director of Linux Interoperability

Microsoft has hired former Linux Foundation engineering director Tom Hanrahan, and I would like to wish him luck in that position. I would have appreciated learning that I did not get the position in some other manner than seeing it in the news, but whatever.

In an e-mail late Thursday night, a Microsoft representative said the role will be filled by Tom Hanrahan, who was most recently the director of engineering at the Linux Foundation, the group created through the recent combination of the Free Standards Group and the Open Source Development Labs.

Now, whether this is a position in which Hanrahan will be able to (or truly desire to) affect any change within Redmond will remain to be seen. Previous experiences with Linux folks who try to reform Microsoft from within have generally ended badly.


Another Nasdaq Non-Compliance Notice

Posted in Finance, Nasdaq, Novell at 5:33 pm by Shane Coyle

Once again, as expected, Novell was hit with a Nasdaq non-compliance notice due to their latest filing delay.

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 Novell 1) provide the Panel with certain information relating to the Audit Committee’s review on or about March 1, 2007, which was submitted to the Panel, and 2) become current in its delinquent reports and file any necessary restatements by March 13, 2007. On Feb. 20, 2007, Novell received a letter from the NASDAQ Listing and Hearing Review Council (the “Listing Council”) indicating that the Listing Council had called for review the Jan. 9, 2007 decision of the Panel and had determined to stay the Panel’s decision and any future Panel determinations to suspend Novell’s securities from trading pending further action by the Listing Council.

In connection with the call for review, the Listing Council has provided Novell with the opportunity to make an additional submission for
the Listing Council’s consideration by May 4, 2007 describing Novell’s plan for filing the necessary periodic reports. NASDAQ has also provided Novell with the opportunity to make a submission by March 22, 2007 specifically addressing the delay in filing its First Quarter Form 10-Q. The Company intends to timely provide both submissions to NASDAQ.

The Company is working diligently to complete all necessary filings and thereby demonstrate compliance with all applicable requirements for continued listing on the NASDAQ Global Select Market; however, there can be no assurance that the Listing Council will determine to grant the Company a further extension following its review of the forthcoming submissions.

I am considering creating a boilerplate template for these articles if this continues every quarter…

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