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07.23.2007 - NASDAQ Grants Stay to Sonic Solutions

View SonicSolutions related news. NOVATO, California (July 23 2007) - Sonic Solutions® (NASDAQ: SNIC) today announced that it has received notification that the NASDAQ Listing and Hearing Review Council (the "Listing Council") has determined to call for review the decision by the NASDAQ Listing Qualifications Panel (the "Panel") dated June 20, 2007. In that decision, the Panel had decided to continue the Company's listing, provided that the Company file its Form 10-Q for the quarter ended December 31, 2006 and its Form 10-K for the period ended March 31, 2007, and solicit proxies and hold an annual meeting for its fiscal year ended March 31, 2006, on or before July 23, 2007. As previously announced, the Company's filings and holding of an annual meeting were delayed due to its voluntary review of its historical and current stock option grant practices and related accounting. Concurrent with the call for review, the Listing Council determined to stay the suspension of the Company's securities by the Panel. Accordingly, pending further action by the Listing Council, Sonic's shares will remain listed on The Nasdaq Global Select Market. The Listing Council has invited Sonic to make a submission on or before August 31, 2007.

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NID: 17273 / Submitted by: TACKtech Team
Categories: Press Release
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