RealTime IT News

SCO Out of NASDAQ's Doghouse

Tardy Unix developer SCO Group is back in NASDAQ's good graces and will trade under its regular stock symbol starting with the opening bell Thursday, officials said.

The company received written confirmation from the stock exchange's listing qualifications panel stating it was now in full compliance with its filing requirements for continued listing at NASDAQ.

"We're happy to have the 'E' removed and resume trading under our regular ticker symbol," Blake Stowell, SCO spokesman said. "We're looking forward to getting back to business and staying focused on that."

Stowell said he doesn't expect any more delayed filings from the company in the future; SCO reported its first quarter 2005 results Thursday.

The Lindon, Utah, Unix developer ran afoul with NASDAQ officials in February when the company failed to file its 2004 annual report with the Securities & Exchange Commission (SEC) in time. NASDAQ appended an 'E' to the company's ticker symbol to warn investors of possible de-listing while it reviewed SCO's case.

The reason for the delay became apparent in March when SCO officials announced they were restating the first three quarters of 2004 because of accounting errors discovered in their books.

Later that month, officials met with NASDAQ's listing qualification panel to present its case, stating they needed time to file the annual report while they restated financial statements for 2004.

The overdue annual report was filed with the SEC April 1, as well as the restated three quarters of 2004.

SCO is currently mixed in a legal battle with IBM over Big Blue's use of licensed Unix System V code and its possible misappropriation into Linux kernel development.