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Celadon Stock in Danger of Being Delisted from NYSE
Celadon Group announced on May 8 that it has been notified by the New York Stock Exchange that it has failed to meet the exchange's listing standard, which could result in the company's stock being delisted.
The notification came as a result of the company's auditor, BKD, withdrawing its reports on previously issued financial statements. The action constituted a filing delinquency under NYSE's rules for a listed company.
Celadon made the auditor's withdrawal public on May 1 and said in a news release that the NYSE's filing delinquency notification was expected.
Celadon now has a minimum of six months from the date of the filing delinquency to fix the issue and is subject to the NYSE's ongoing oversight and review. NYSE may extend the deadline an additional six months.
To be traded on an exchange, a company must comply with and meet its requirements. Being involuntarily delisted from an exchange can be a sign of poor financial health, according to Investopedia.
The audit committee of Celadon's board of directors is reviewing this development, according to the company. The audit committee is comprised of all independent directors of the company and will be assisted by an independent law firm and a leading, international auditing, tax, and advisory firm.
Celadon can regain compliance during the six-month review period by obtaining reissued reports from its auditor and refiling its Form 10K and Form 10-Qs for the delinquent periods. If the company cannot file these reports by the NYSE deadline, then Celadon runs the risk of being delisted.
Celadon indicated in its release that it believes that it will continue to be listed on the NYSE, but did not guarantee that it would be able to file the new reports within the initial six-month period or any extended period.
NYSE has the right to delist the company at any ...Read the rest of this story