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19 Mar 2008
Bell Micro has assured its reseller and vendor partners that it is business as usual after it was delisted from Nasdaq for failing to submit accounts on time in accordance with the stock exchange's regulations.
The distributor was given an extension until 17 March to become compliant with the stock market's filing requirements, but admitted at the time that due to the scope of work being undertaken it would be "difficult to achieve compliance" (CRN, 25 January).
Bell said that its common stock will be quoted on the Pink Sheet Electronic Quotation Service under the symbol BELM.PK immediately after NASDAQ suspended trading of its stock.
The firm has also obtained waivers from each of its major lenders, which means they have agreed to waive the company's obligations to provide audited financial statements until 30 September.
Speaking to CRN, Graeme Watt, president of Bell Micro Europe, said: "Our suppliers have given us their full support and we have no constriction of credit with them and our customers should see no change whatsoever as a result of this. "
Watt added that between now and 30 September, Bell will concentrate on concluding its Securities and Exchange Commission investigation, getting its accounts filed up to date and getting relisted on the Nasdaq.
"From a UK and Europe perspective we are operating on a business as usual basis," he added.
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