Borland Receives Nasdaq Delisting Notice Due To Delayed Form 10-K.CUPERTINO, Calif. -- Borland Software Corporation (company) Borland Software Corporation - A company that sells a variety of PC software development and database systems. Borland was founded in 1983 and initially became famous for their low-cost software, particularly Turbo Pascal, Turbo C, and Turbo Prolog. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BORL) ("Borland"), the global leader for Software Delivery Optimization (SDO SDO Service Data Object SDO Solar Dynamics Observatory (satellite) SDO Software Delivery Optimization (Borland) SDO Sub Divisional Officer (india) ), announced today that on April 3, 2006 it received a notice from the staff of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. stating that Borland is not in compliance with Marketplace Rule 4310(c)(14) because it has not timely filed its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005 (the "2005 Form 10-K"). The notice is automatically generated by Nasdaq and indicated that due to such noncompliance noncompliance failure of the owner to follow instructions, particularly in administering medication as prescribed; a cause of a less than expected response to treatment. noncompliance , Borland's common stock will be subject to delisting. Borland intends to request a hearing before a Nasdaq Listing Qualifications Panel (the "Panel") to appeal the Nasdaq staff's determination. The hearing request will automatically stay the delisting of Borland's common stock pending the Panel's decision. There can be no assurance, however, that the Panel will grant Borland's request or that Borland's common stock will not be delisted. Borland and its audit committee are working diligently to finalize and file the 2005 Form 10-K as promptly as possible. About Borland Founded in 1983, Borland Software Corporation (NASDAQ:BORL) is the global leader in platform independent solutions for Software Delivery Optimization. The company provides the software and services that align the people, process, and technology required to maximize the business value of software. To learn more about delivering quality software, on time and within budget, visit http://www.borland.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains statements that are forward-looking in nature, including, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the potential delisting of Borland's common stock and the timing of filing of the 2005 Form 10-K. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary, perhaps materially, from those contained or suggested by these statements. Factors that could affect these statements include, but are not limited to, actions or decisions of the Panel. More information on risks and uncertainties related to Borland and its business may be found in its quarterly and annual reports filed with the United States Securities and Exchange Commission. Borland assumes no obligation and does not intend to update any forward-looking statements, whether as a result of new information, future events or otherwise. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion