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Avid delisted from NASDAQ
“Avid (Nasdaq:AVID) announced that as expected, it received a notification letter from NASDAQ on February 21, 2014 indicating that the NASDAQ Listing Qualifications Hearings Panel had determined to delist the shares of the Company from The NASDAQ Stock Market and, accordingly, suspend trading in the Company’s shares effective at the open of business on Tuesday, February 25, 2014.”
https://ir.avid.com/releasedetail.cfm?ReleaseID=827707
Franz.
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21 Replies
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A letter? If NASDAQ is going to break up with you I think they should have the decency to do it in person.
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Personally I think Avid wanted this to happen.
It gives them more control over stock sales and they can now operate with less “public” (Industry) scrutiny IMHO.Personally, again, I wouldn’t be surprised if they start making a range of “moves” whether it be capital investment or sale or “product alignment” that might have been more difficult otherwise, within the year.
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Claims they want to be re-listed by mid 2014 but I can’t help that’s “PR spin”
https://www.bizjournals.com/boston/blog/techflash/2014/02/nasdaq-suspends-trading-delists.html -
[Craig Seeman] “I wouldn’t be surprised if they start making a range of “moves” … that might have been more difficult otherwise, within the year.”
Craig,
As I’m quite ignorant on the matter, what sorts of things would be difficult to do while listed on NASDAQ; what sorts of things are easier now; when did being listed on NASDAQ become a negative?
Franz.
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Since the stock isn’t “publicly” listed, brokers selling it privately have a bit more control. It might be easier to work out the sale of the company or to get private capital investment.
The trading is OTC (over the counter).
https://en.wikipedia.org/wiki/Over-the-counter_(finance)
This as well.
https://en.wikipedia.org/wiki/OTC_Markets_GroupI won’t say it’s positive vs negative but the differing situation has different amounts of control and types of regulation and might give Avid a freer hand in some of their immediate financial situations.
While not quite the same thing, consider that some companies remain private and some public companies move to go private. It’s situational rather than universally positive or negative.
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The stock is down nearly 25% this afternoon. I would term that “negative”.
Scott Witthaus
Senior Editor/Post Production Supervisor
1708 Inc./Editorial
Professor, VCU Brandcenter -
I can certainly imagine that stock holders may not trust the OTC market nor trust if/when Avid really intends to get re-listed in any reasonable amount of time (or at all).
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I tend to agree with Craig here. I don’t think they have any intention of getting re-listed. A 25% stock drop is, I don’t think, significant in this situation. Enough major monetary players have enough invested in Avid that it is not about to go away. It just may come back under another name.
Tim
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They might just come back as the reverse of their name – Diva. This would also in some way explain the attitude they put forth during their salad days. :>)
Joe Bourke
Owner/Creative Director
Bourke Media
http://www.bourkemedia.com -
Mr Bourke, that’s too funny!
Pierre
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