CARROLLTON, Texas-CellStar Corp. received a Nasdaq notice that its shares are subject to delisting from The Nasdaq National Market due to its inability to timely file its annual report. CellStar previously delayed filing its Form 10-K while it resolves issues related to accounts receivable and revenues in its Asia-Pacific Region.
The Company plans to request a hearing before a Nasdaq Listing Qualifications Panel to request continued listing on Nasdaq until the company files its 10-K for the fiscal year ended Nov.30, 2004. No delisting action will take place prior to the hearing; however, the Company can provide no assurance that the hearing panel will grant its request for continued listing.
As a result the Nasdaq action, CellStar’s trading symbol has been changed by The Nasdaq National Market from “CLST” to “CLSTE” and will not revert to “CLST” until the Company has filed its 2004 10-K and regained compliance with Nasdaq rules.
