Northwest Pipe gets more time to comply
Wednesday, April 18, 2012
Vancouver — Northwest Pipe Co. has been granted more time to again come into compliance with Nasdaq listing rules, the company said this week.
The Vancouver-based maker of steel pipe said it received a letter from the Nasdaq Stock Market notifying the company that it now has until April 30 to file its late 2011 third-quarter financial report and its delayed 2011 annual financial report.
Nasdaq had previously given Northwest Pipe until April 16 to file its delinquent reports.
If the company fails to file its reports by April 30, its securities will be delisted. The company would be able to appeal a delisting to a hearings panel.
Northwest Pipe’s work to regain Nasdaq compliance follows its announcement in March of problems with its financial data, including “material errors” that it made in accounting for the depreciation of its equipment.