The Nasdaq Hearings Panel has decided to delist the common stock of Liberty Tax with its trading to be suspended at the beginning of business on August 2. However, the company said this week will it appeal that decision to the Nasdaq Listing and Hearing Review Council.
Nasdaq has threatened Liberty with delisting because of its inability to file financial statements for its second and third quarter of fiscal 2018 and its Form 10-K for 2018 in a timely manner.
Liberty says it will be able to file those financial statements with the SEC by October 31.
An appeal will not stop the suspension in trading. The Hearings Panel will file a Form 25 Form 25 NSE Notification of Delisting with the Securities and Exchange Commission once all applicable Nasdaq appeal and review periods have expired in order to effect the delisting.
During the suspension, Liberty anticipates its shares will be eligible to trade on the OTC Pink Market Tier. Liberty says there is no assurance a market maker will apply to quote the Company’s securities or that they will become eligible for the pink sheets.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
