Japanese electronics conglomerate NEC admitted today that its shares could be delisted from the Nasdaq because it was likely to miss a deadline for filing an earnings report.
NEC said it was still recalculating earnings for the year to last March for submission to the US Securities and Exchange Commission and was unlikely to be able to file by April 2nd, a deadline that was extended by Nasdaq last month.
The electronics group missed the initial deadline last October after independent auditor Ernst & Young Shinnihon asked it to document fair pricing of its maintenance services.
NEC has issued some 10 billion yen ($86.05 million) worth of American Depositary Receipts, or less than 1 per cent of its market capitalisation.
Although the amount is small, NEC has kept its listing to heighten its visibility abroad, executives have said.