SCO gets reprieve from Nasdaq
Company was set to be delisted
IDG News Service - The Nasdaq stock exchange has given The SCO Group Inc. a little more time to get its financial house in order.
The Lindon, Utah, Unix vendor said last week it had been set to be delisted on Thursday of this week, but the company planned to appeal the decision, a move that would delay the action.
Today, SCO's stock continued trading on Nasdaq, and by midday, it was up nearly 4%, trading at 17 cents per share. When asked about the Nasdaq situation, SCO's public relations agency said it would issue a statement later today.
SCO received the notice of delisting Sept. 18 as a result of its filing for Chapter 11 bankruptcy protection, the company said.
The bankruptcy filing came after a major legal setback dealt to SCO in August. That's when a federal judge ruled that Novell Inc., and not SCO, owned the copyright to the Unix operating system. The decision not only undermined SCO's long-running legal dispute with IBM, but it also raised the possibility that SCO would have to pay Novell as much as $30 million in licensing fees. SCO has about $10.4 million in the bank, according to its latest financial statement.
"As a result of both the court's August 10, 2007, ruling and the company's entry into Chapter 11, there is substantial doubt about the company's ability to continue as a growing concern," SCO said in a Sept. 18 SEC filing.
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