Celadon in Danger of Delisting
INDIANAPOLIS - Indianapolis-based Celadon Group Inc. (NYSE: CGI) could face delisting from the New York Stock Exchange. The transportation and logistics company last week received a notice from the NYSE regarding its failure to meet a specific listing standard.
Celadon says an independent auditor's withdrawal of six quarters worth of earnings reports led to what the NYSE calls a filing delinquency. The company detailed the reasons for the withdrawal last week, saying additional information is needed to provide more accurate earnings reports.
The NYSE has given Celadon six months to regain compliance by obtaining reissued reports from the company's auditor and refiling its earnings reports. Celadon says it expects to be able to fix the issue, but does not have a timeline for doing so.
"The Company believes that it will continue to be listed on the NYSE, but there can be no assurance that the Company will be able to file the new reports within the initial cure period or any extended cure period," Celadon said in a news release. "In addition, the NYSE maintains the ability to commence delisting procedures at any time during the cure period, but as of today the Company does not believe the NYSE will do so."
If Celadon cannot refile its reports before the six month period ends, the NYSE will be able to proceed with delisting the company's common stock.