September 28, 2007
SCO gets reprieve from Nasdaq
The Unix vendor had anticipated being delisted by Nasdaq due to its bankruptcy, but it has managed to stay listed in the stock exchange pending an appeal
Recommend ThisThe Nasdaq stock exchange has given The SCO Group a little more time to get its financial house in order.
The Unix vendor had said last week that had been set to be delisted on Thursday of this week but that the company would plan to appeal the decision, a move that would delay the delisting.
On Friday, SCO's stock SCOX continued to be traded on Nasdaq, and by midday Friday, it was up nearly 4 percent, trading at $0.17. When asked about the Nasdaq situation, SCO's public relations agency said it would issue a statement later on Friday.
SCO received the notice of delisting on Sept. 18 as a result of its bankruptcy, the company said.
The bankruptcy filing followed a major legal setback dealt to SCO last August. That's when a federal judge ruled that Novell and not SCO owned copyright to the Unix operating system. This decision not only undermined SCO's long-running legal dispute with IBM, but it also raised the possibility that SCO would have to pay Novell as much as $30 million in licensing fees. SCO has about $10.4 million in the bank, according to its latest financial statement.
"As a result of both the Court's August 10, 2007 ruling and the Company's entry into Chapter 11, there is substantial doubt about the Company's ability to continue as a growing concern," SCO said in a Sept. 18 SEC filing.
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