CIMdata PLM Industry Summary Online Archive
25 May 2005
Financial News
MatrixOne to Request Hearing with NASDAQ
MatrixOne, Inc . announced that it received a NASDAQ Staff Determination letter dated May 24, 2005 indicating that the Company is not in compliance with the NASDAQ requirements for continued listing set forth in NASDAQ Marketplace Rule 4310(c)(14) as a result of the Company's failure to file its Quarterly Report on Form 10-Q for the third quarter ended April 2, 2005. As a result, the trading symbol for the Company's common stock will be changed from MONE to MONEE on Thursday, May 26, 2005. As permitted by NASDAQ rules, the Company will request a hearing with the NASDAQ Listing Qualifications Panel to avoid the delisting of the Company's common stock as of Thursday, June 2, 2005. The Company expects that its common stock would remain listed on the NASDAQ National Market pending the outcome of the appeal. The Company can provide no assurance that the NASDAQ Listing Qualifications Panel will grant the Company's request for continued listing.
The Company previously announced a delay in the filing of its Quarterly Report on Form 10-Q for the third quarter ended April 2, 2005 to provide additional time to complete the review of the Company's revenue recognition practices. The Company is working diligently to finalize this review but cannot currently estimate when it will be completed. As soon as practicable following the completion of this review, the Company will file its Quarterly Report on Form 10-Q for the third quarter ended April 2, 2005.
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