Hauppauge, N.Y. — Audiovox received late last week a Nasdaq Staff Determination indicating that the company had failed to comply with filing requirements for continued listing on Nasdaq. Therefore, it is subject to delisting because Nasdaq requires timely filing of periodic financial reports, in compliance with reporting obligations under federal securities laws.
As previously announced, Audiovox has not timely filed its annual report on Form 10-K for the fiscal year ended Nov. 30, 2004.At the opening of business today, a fifth character “E” will be appended to the company’s trading symbol, so that it will be changed from VOXX to VOXXE.
Audiovox intends to appeal Nasdaq’s determination by requesting a hearing before a Nasdaq Listing Qualification Panel. The time and place of such hearing will be determined by the Panel, however, the delisting of the company’s securities will be stayed pending the outcome of such hearing.
If the company fails to request a hearing by March 10, its securities will be delisted from Nasdaq at the opening of business on March 14, without further notice.
There can be no assurance that Nasdaq will grant Audiovox’s request for continued listing, however, the company understands that if it files its 2004 Form 10-K prior to such a hearing, the listing of the company’s securities will continue and the VOXX trading symbol will be restored.