Salt Lake-based Daw Technologies Inc. said Monday that its stock has been delisted from the Nasdaq National Market.
The Nasdaq Listing Qualifications Panel said Daw "failed to present a definitive plan that will enable it to evidence compliance with all requirements for continued listing on that market within a reasonable period of time and to sustain compliance with those requirements over the long term."
Daw said it will appeal the decision to the Nasdaq Listing and Hearing Review Council.
Daw said the trouble stemmed from its inability to timely file its quarterly financial report for the third quarter of 2001, which it said was due to its inability to reconcile certain accounts from its European operations.
The company is trying to reconcile accounts so that it can restate previously issued financial statements for fiscal years 1999 and 2000 and every quarter since the European subsidiary was created in late 1999.
Pending the Nasdaq appeal and the required filings, the company's stock may qualify to be traded on the OTC Bulletin Board.
Daw manufactures advanced manufacturing environments, specializing in the design, engineering and installation of cleanroom and mini-environment systems that meet semiconductor and pharmaceutical manufacturing requirements.