comScore miss restatement deadline

comScore has told Nasdaq it will not make the deadline for reporting its restated financial data by and, therefore, could be delisted. comScore has been working towards February 23rd to restate its financial statement following an investigation showed that it did not properly account for certain non-monetary transactions during 2013-16.

comScore was granted a conditional listing to give it time to complete the restatements and regain compliance with Nasdaq’s listing requirements. The company said it has made “significant progress” but won’t be done by the deadline.

If it is delisted, comScore said it would appeal. Its stock would be quoted on OTC markets until it is in compliance with SEC reporting obligations.

The company said “Although we are disappointed that we will not meet Nasdaq’s deadline, we have made significant progress towards the restatement and in strengthening our internal audit and compliance functions. Furthermore, our business fundamentals continue to be strong, underscored by our healthy balance sheet with $116 million in cash,” said cofounder and CEO Gian Fulgoni.

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