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.