Make us your home page
Instagram

Tech Data fights threatened Nasdaq delisting

Still wrangling with an internal accounting nightmare, Tech Data Corp. is now fighting a threatened delisting from the Nasdaq stock exchange.

The Clearwater-based tech products wholesaler — Tampa Bay's largest public company by revenue — received notice from Nasdaq that it has failed to regain compliance with the exchange's listing rules.

By seeking a hearing, Tech Data wins at least a 15-day stay before being delisted. If a public company is delisted from a major exchange like Nasdaq, it can continue trading over-the-counter. However, delisting weakens a company's ability to raise money and overall appeal to investors.

Tech Data has been working throughout the year to restate financial "improprieties" tied to vendor accounting at its United Kingdom subsidiary. In March, the company said it will restate some or all of its previously issued quarterly and audited annual financial statements for the fiscal years 2011, 2012 and 2013.

NASDAQ regulations state that quarterly reports must be filed within 45 days of a fiscal period closing. Tech Data has not filed a quarterly or annual report with the Securities and Exchange Commission since Nov. 28.

Times staff

Tech Data fights threatened Nasdaq delisting 10/04/13 [Last modified: Friday, October 4, 2013 7:03pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Precinct Pizza to cover new neighborhood

    Business

    NEW TAMPA — In 2006, husband and wife, Rick and Jessica Drury opened up Precinct Pizza in Channelside.

    Precinct Pizza looks to gain greater popularity in New Tampa with its Bambino Bleu Cheese piazza. Photo courtesy of Precinct Pizza.
  2. Da Burger Joint's menu goes beyond 'da burger'

    Business

    OLDSMAR — After owning and operating restaurants in four different states, Danny Falcone recently opened his ninth restaurant in Oldsmar.

    The old-fashioned onion burger is a favorite at the Da Burger Joint in Oldsmar. Photo by Danielle Hauser.
  3. Vegan kitchen comes to Downtown Tampa

    Business

    Charles Rumph and Tim Fedorko's first attempt at launching a vegan restaurant concept in Tampa "was a disaster."

    Farmacy Vegan Kitchen + Bakery serves wraps, acai bowls, smoothies and juices and plant-based baked goods like strawberry cupcakes. Photo courtesy of Charles Rumph.
  4. Faedos bring tastes of Tampa back to a storefront

    Business

    Whether working out of a food truck or a brick and mortar, Michelle Faedo and her husband Robert have always served Tampanian cuisine.

    Michelle Faedo's husband Robert and her two daughters stand in front of their new restaurant, Michelle Faedo's Tampeno Cuisine. Photo courtesy of Michelle Faedo.
  5. 1 in 4 Florida adults aren't registered to vote, according to non-partisan group

    Legislature

    TALLAHASSEE — Five million people in Florida who are eligible to vote aren't registered, according to a nationwide non-partisan group that helps improve the accuracy of state voter rolls.

    Voters line up in front of the Coliseum Ballroom in St. Petersburg on Nov. 8. A non-partisan group estimates that more than a quarter of Florida's adult-age population isn't registered to vote. [SCOTT KEELER | Tampa Bay Times]