LINCOLN, Neb.-An appeal filed by Transcrypt International Inc. with the Nasdaq Listing and Hearing Review Council was denied, announced the company.
Transcrypt had requested its common stock continue to be listed on the Nasdaq National Market. The Qualifications Hearing Panel denied that request, and the Listing and Review Council upheld that decision.
Transcrypt said the Listing and Review Council acknowledged the company had filed its delinquent public filings and completed its internal investigation, but could not determine whether Transcrypt had taken adequate steps to prevent the situation from re-occurring.
“We are disappointed with the Nasdaq decision,” said John T. Connor, chairman of Transcrypt. “The company has taken appropriate steps to prevent any recurrence of the issues, and we did receive an unqualified opinion from KPMG Peat Marwick on our financial statements for the last three years.”
Connor said Transcrypt will continue to work with Nasdaq to get relisted and seek opportunities to list its stock on other national markets.
