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Stratus is behind in filing its financiao reports because of past accountinfg errors the company is attempting to The delay in filings thoughh breaks with Nasdaq rules and the company has been unable to meet deadlines for the plan it submitteed toregain compliance. Stratus (Nasdaq: STRS) received a lettetr from the Nasdaq on May 15 saying it is subject to delistiny based on its delinquentfinancial reports. Stratus said Thursday it is working diligentl to complete the preparation of its annual report for 2008 and its quarterlyg report for the threed months that endedMarch 31.
Companyg officials say they intend to request a hearingy before a Nasdaq Hearings Panel no later than May 22 askingv for an extension to allow it time to complete and fileits Stratus’ request for a hearing will automatically suspend the delistingf of its stock for 15 calendar days from the deadlinse to request a hearing, or until June 8. But the companyu also intends to request a furthefr stay on the delisting pendingthe panel’as decision. Hearings are typically held within 30 to 45 calendarr days fromthe request. Stratus' shares were trading at arounsd $7.10 on Thursday, down nearly 6 percent from Wednesday's closin price. The stock has traded in the rangewof $4.52 to $30.
75 over the last 52 weeks. Austin-based Stratus is a real estatew acquisition, management and development company. It's currentl steering the development ofthe downtown.
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