HIALEAH, Fla. (AFX) - Simclar Inc., a contract manufacturer for electronic equipment companies, said Friday that the company is out of compliance with Nasdaq requirements and could be delisted.
Simclar said Wednesday that it will restate its 2005 financial results because of accounting errors.
The company said it is still investigating whether the errors require it to restate its results for the first quarter of 2006, and as a result has not filed its 10-Q report for the second quarter.
Simclar said it will request a hearing on the matter with a Nasdaq panel. The company plans to file its report for the most recent quarter after the completion of the review, which should occur before any action is taken by the Nasdaq panel.
Simclar shares closed up 13 cents, or 2.9 percent, at $4.66 on the Nasdaq.
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