Nasdaq Gives Dell 11th-Hour Reprieve From Delisting

In a statement, Dell provided few specifics except that shares of its stock would continue trading on Nasdaq until further notice.

"Dell today announced that the Board of Directors of The NASDAQ Stock Market LLC has called the NASDAQ Listing and Hearing Review Council's June 27, 2007 decision regarding the company for review, and had also stayed the Council's decision to suspend the company's common stock from trading," the PC maker said in a press release. "Dell's common stock will remain listed on The NASDAQ Stock Market pending further consideration by the NASDAQ Board. The company is committed to regaining compliance with all NASDAQ listing requirements as soon as possible."

In mid-morning trading, shares of Dell briefly touched a 52-week high of $29.29 on heavy volume.

Dell has said it has been unable to file several 10-Q quarterly reports and its most recent 10-K annual report with the U.S. Securities and Exchange Commission because of the complexity of investigations into is previous accounting and financial reporting. A probe by the Audit Committee of Dell's Board of Directors, which has found accounting problems and evidence of misconduct, is also continuing.

Under Nasdaq rules, companies that miss filing a financial report on time can be kicked off the stock exchange - - but Dell, like other companies, has been granted repeated extensions of time.