Comscore, Inc. (NASDAQ:SCOR) stock took a dive Monday following news that it may be delisted from NASDAQ.
Comscore, Inc. has informed the Nasdaq Hearings Panel that it will be unable to regain compliance with the Securities and Exchange Act reporting requirements by the Feb. 23, 2017 deadline. SCOR currently only has conditional listing due to an October decision by the Nasdaq Hearings Panel.
Comscore, Inc. says that it has made significant progress toward the completion of the restatement process. However, it notes that it won’t be able to meet the deadline. It says this is due to the amount of work that needs done to review its “accounting judgments and estimates for transactions that occurred during 2013-2016.”
Comscore, Inc. notes that the revenue section of its transactions from 2013 to 2016 is what is taking the most time. It says it is now aiming to regain compliance by the summer of 2017. It is still warning that there is no guarantee it will finish by this time.
Comscore, Inc. is altering investors that there is a possibility that its common stock will be delisted from NASDAQ as a result of this delay. It also says that if the Nasdaq Hearings Panel chooses to delist or suspend the stock, that it will file an appeal with the Nasdaq Listing and Hearing Review Council to keep the stock listed.
If Comscore, Inc. is unable to keep its stock from being delisted, the company says that it plans to have the stock quoted on the OTC Markets. It will then look to list the stock on a major exchange once is has completed the restatement process.
SCOR stock was down 26% as of Monday afternoon.