Deadline Looms In Dell Delisting

Dell, in a press release, said it would seek more time from the full board of directors of the Nasdaq exchange. It will continue to maintain a conditional listing on the exchange in the mean time.

"The company is planning to request that the NASDAQ board of Directors call the Council's decision for review to give the company additional time to complete its delinquent periodic reports," Dell said in its statement. "The company is committed to regaining compliance with all NASDAQ listing requirements as soon as possible."

Under Nasdaq rules, companies that have their stock traded on the exchange must file all mandatory reports with the SEC on time. Since last year, Dell has said it is unable to file its mandatory quarterly and annual reports with the SEC because it has been investigating internal accounting issues. Earlier this year, the company said the audit committee of its own board of directors, in its investigation, had uncovered "accounting errors, evidence of misconduct, and deficiencies in the financial control environment."

Previously, the Nasdaq Listing and Hearing Review Council had given Dell a stay in its delisting. The company's announcement indicates that stay comes to an end on July 16.

The company has stopped short of providing any details or comment beyond preliminary financial reports or other filings with the SEC. It has said that officials have not yet determined whether the company would need to restate prior year financial results.

Dell also remains under investigation by the SEC and the U.S. Attorney for the Southern District of New York.