Power Integrations Shares to Be Delisted from Nasdaq
Power Integrations Inc. announced that it has informed the Nasdaq Stock Market that it will not meet the Nasdaq Listing and Hearing Review Council's December 18 deadline for becoming current in the filing of its annual and quarterly reports with the Securities and Exchange Commission. As a result, the company expects its shares to be delisted from the Nasdaq Global Market as of the start of trading on December 19. The company's shares will be traded on the Pink Sheets under the symbol POWI.PK.
"The restatement of our historical financial statements is substantially complete," said Balu Balakrishnan, President and CEO of Power Integrations. "We expect to complete our SEC filings in the next few weeks, and we intend to apply for re-listing on Nasdaq immediately upon issuing the filings."