CARROLLTON, Texas-Logistical services provider CellStar Corp. will be delisted by the Nasdaq tomorrow after failing to gain an extension to file its 2004 annual report and its 2005 first-quarter report, the company said late Wednesday.
The distributor of wireless products said the inability to file stems from accounting issues related to accounts in its Asian operations. Two weeks ago, CellStar said it had retained Raymond James & Associates Inc. to assist with the evaluation of its financial and strategic alternatives.
The stock is likely to be listed in the Pink Sheets, the company said.
Shares of CellStar slid 10 percent to $1.05 per share in mid-day trading Thursday. The stock set a 52-week high at $7.39 last July.
