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Avid to Request a Hearing Regarding NASDAQ Staff Determination Letter
The Company has requested a hearing before the Panel and also requested
a stay of the Staff's delisting determination. As a result of this
request, the delisting of the Company's common stock is automatically
stayed until at least
As previously announced, the Delinquent Reports were not timely filed
due to the Company's ongoing accounting evaluation and pending
restatement of its financial statements for the fiscal years ended
Although the Company is working diligently and has made substantial progress in the accounting evaluation process, that process is complicated and time-consuming, and additional time is needed to complete it. The Company intends to complete the restatement and to file the Delinquent Reports as promptly as practicable.
During this process, Avid plans to continue to invest in its product innovation and execute on its growth strategy. Avid has no debt and ample cash to support it in these efforts and believes it is well positioned to support its customers' ongoing success.
Cautionary Note Regarding Forward-Looking Statements.
The information provided in this notice includes forward-looking
statements that involve risks and uncertainties, including statements
about Avid's anticipated plans, objectives, expectations and intentions.
Such statements include, without limitation, statements regarding the
additional time that may be granted for Avid to regain compliance with
the NASDAQ rules; any stay that may be granted with respect to the
delisting of Avid's common stock; Avid's ability and time required to
regain compliance with NASDAQ's rules; Avid's innovation and growth
strategy; the ongoing evaluation of Avid's current and historical
accounting practices and the outcome and timing of such evaluation; the
scope of the ongoing evaluation; and the timing of the filing of
restated financial statements and prior and future periodic reports.
These forward-looking statements are based on current expectations as of
the date of this filing and subject to known and unknown risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied by such statements, including but not limited
to: the impact of restatement of financial statements for prior periods;
the impact of delays in Avid's completion of its financial statements
and the filing of its periodic reports; the impact of the previously
Avid expressly disclaims any obligation or undertaking to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Through Avid Everywhere, Avid delivers the industry's most open,
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with collaboration, asset protection, distribution and consumption for
the most listened to, most watched and most loved media in the
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broadcasts. Industry leading solutions include Pro Tools®, Media
Composer®, ISIS®, Interplay®, and Sibelius®. For more information about
Avid solutions and services, visit www.avid.com,
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