The Nasdaq Listing and Hearing Review Council has sent Merge Healthcare written notification that it will review a decision of the Nasdaq Listing Qualifications Panel to suspend trading in the firm's securities, issued as a result of a delay by Merge in required Security and Exchange Commission (SEC) filings.
The council determined to stay the panel’s decision to suspend trading of Merge's securities if the company had not filed certain securities filings by Jan. 29, according to the Milwaukee-based firm. The company said it previously disclosed the panel's determination on Nov. 1, 2007. The council's decision to stay the suspension is subject to further review, and Merge is invited to provide evidence of compliance with listing standards to the council on or before Feb. 29.
The company said it expects to file its quarterly report on form 10-Q, for the three months ended Sept. 30, 2007, in early February.
Merge said the delay in filing is due to the additional effort required to complete the valuation of its intangible assets by an independent valuation consultant and will result in the write-down of all, or substantially all, of the goodwill and certain of the other intangible assets of the company.