Avid has gained approval to once again list its common stock on the NASDAQ Stock Market, the US's largest stock exchange.
The audio and video technology company was delisted by NASDAQ's listing qualifications hearings panel in February after it missed a deadline to restate a number of financial statements. (See Avid receives compliance notice from NASDAQ for the background to the decision.) In the interim, its shares traded on the over-the-counter (OTC) markets.
“We are pleased that Avid stock will once again trade on the NASDAQ,” said John Frederick, executive vice-president and chief financial and administrative officer of Avid. “We believe this milestone offers current and future Avid shareholders an exciting opportunity to share in the success of our business through improved access to our common stock.
"We look forward to generating sustainable, profitable growth as we continue to execute on our plan to unlock the full potential of Avid.”
The company resumed trading yesterday under the symbol 'AVID'.