Adaptive Broadband was delisted from NASDAQ yesterday, following two weeks of suspended trading. The company says it will seek a review.
On May 15, the company announced it would delay filing of its 10-Q for the quarter ended March 31 pending a review of its 2000 results. And not only did it announce revenues of $1 million — lower than the low end of its guidance of $2 million — but it revised its expected year-end revenues by $5 million. It cited a slowing market for its fixed wireless telecom equipment.
On May 4, it announced it would aggressively reduce expenses, partly by cutting its workforce from 150 to 60 employees.
Finally, a day after its April 18 announcement of a new executive VP and CFO, Adaptive requested a hearing to appeal a delisting notice and the letter E was added to its ticker symbol. The company had not filed its 10-K for its transition period ended Dec. 31.
Adaptive says it expects to finish its accounting review and bring its SEC fillings current no later than June 15, then seek to have its common stock quoted on NASDAQ's OTC bulletin board and in the Pink Sheets quote service.