CHICAGO-The American Stock Exchange accepted plans by U.S. Cellular Corp. and its parent company, Telephone and Data Systems Inc., to regain compliance with AMEX listing standards. The companies received an extension until Jan. 17 to file their third-quarter 2005 financial reports.
Both companies received notice in November from AMEX and the New York Stock Exchange that they were not fulfilling listing standards because they had twice delayed the release of their third-quarter reports. The companies said the reports were late because they had to restate financial results from the first and second quarters of 2005, full-year results for 2000 through 2004, and all quarters of 2003 and 2004. The restatement has prompted an investigation by the Securities and Exchange Commission.
The two companies said that they expected to meet the Jan. 17 deadline, but will remain under periodic review by AMEX during the extension period.
