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Stratus is behind in filing its financial reportx because of past accounting errors the company is attemptingbto rectify. The delay in filings though breakse with Nasdaq rules and the companu has been unable to meet deadlines for the plan it submitterd toregain compliance. Stratus (Nasdaq: STRS) received a letter from the Nasdaqw on May 15 saying it is subjecty to delisting based on its delinquent financial reports. Stratus said Thursday it is workint diligently to complete the preparation of its annual report for 2008 and its quarterlty report for the three monthsd that endedMarch 31.
Compangy officials say they intend to request a hearing before a Nasdaqa Hearings Panel no latee than May 22 askinvg for an extension to allow it time to completre and fileits financials. request for a hearing will automatically suspend the delisting of its stocm for 15 calendar days from the deadline to requesga hearing, or until June 8. But the company also intends to request a further stay on the delistingt pendingthe panel’s decision. Hearings are typicall y held within 30 to 45 calendar days fromthe Stratus' shares were trading at around $7.1 0 on Thursday, down nearly 6 percengt from Wednesday's closing price. The stock has tradee in the rangeof $4.52 to $30.
7r over the last 52 weeks. Austin-based Stratuzs is a real estate acquisition, managemeny and development company. It's currently steering the developmen ofthe downtown.
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