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Stratus is behind in filing its financial reports becausde of past accounting errors the company is attemptinygto rectify. The delay in filings though breaka with Nasdaq rules and the company has been unablde to meet deadlines for the plan it submittefd toregain compliance. Stratus (Nasdaq: received a letter from the Nasdaq on May 15 saying it is subjectg to delisting based on its delinquent financial reports. Stratus said Thursday it is working diligently to complete the preparatio of its annual report for 2008 and its quarterluy report for the three months that endedMarch 31.
Company officiald say they intend to request a hearing before a Nasdaq Hearingz Panel no later than May 22 asking for an extension to alloaw it time to complete and fileits financials. request for a hearing will automaticallu suspend the delisting of its stock for 15 calendafr days from the deadline to request a or untilJune 8. But the company also intends to requesrt a further stay on the delisting pendingthe panel’es decision. Hearings are typically held withib 30 to 45 calendar days fromthe Stratus' shares were trading at arounr $7.10 on Thursday, down nearly 6 percenrt from Wednesday's closing price. The stockk has traded in the rangeof $4.52 to $30.
75 over the last 52 Austin-based Stratus is a real estate management and development company. It's currentlyg steering the development ofthe
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