Computerworld - I2 Technologies Inc. said today that its common stock will be delisted from the Nasdaq Stock Market, effective when the market opens tomorrow.
In a statement, the Dallas-based software vendor said Nasdaq made its decision because i2 had not yet filed its annual 10-K report with the Securities and Exchange Commission for its fiscal year, which ended Dec. 31, 2002.
The company said it is working to bring its SEC filings up to date. But i2 said doing so depends on when its ongoing reaudits are completed. However, i2 said it expects to file its annual report, as well as its quarterly report for the quarter that ended March 31, in June.
Because the company believes it can complete and file the necessary SEC reports in that time, i2 will appeal Nasdaq's delisting decision. During the appeals process, i2's stock remains delisted, the company said.
I2 said that if its appeal isn't successful, it will reapply to the Nasdaq National Market when it can satisfy Nasdaq's initial listing requirements. They include a minimum bid requirement of $5. But the company said there can be no assurance that its common stock will satisfy the minimum bid requirement or that the common stock will otherwise be approved for listing.
In its statement, i2 said it also believes that its common stock will be eligible to trade on the OTC Bulletin Board once its annual report on Form 10-K and quarterly report on Form 10-Q have been filed with the SEC.
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