NEW YORK – Taser International Inc. (TASR) Friday said Nasdaq intends to delist its stock because of a delay in filing its quarterly report, sending its shares down 10 percent.
The stun gun maker said it plans to appeal the delisting through a hearing before the Nasdaq listing qualifications panel, adding that the notice itself did not mean the stock would necessarily be delisted.
Taser said its stock symbol has been temporarily changed to "TASRE" from "TASR" as a result of the delayed filing. It said the presence of an "E" in its symbol did not mean a trading halt or delisting.
Taser shares fell 74 cents to $6.66 on Nasdaq. The stock is down 80 percent from its all-time high of $33.45 at the end of last year.
The company previously announced the delay in the quarterly report, called a Form 10-Q, as a result of its need to restate financial reports from the first and second quarters of 2005 due to an error that resulted in booking professional fees in the wrong accounting period.
The Scottsdale, Ariz., company said on Friday that it was completing work on the first and second quarter reports and hoped to file the third-quarter 10-Q as soon as possible.