SAN JOSE, Calif. Maxim Integrated Products Inc. said that the company's common stock will now be suspended from trading on Nasdaq effective Oct. 2.
Maxim's stock will be subsequently delisted from Nasdaq.
The company said that the Securities and Exchange Commission (SEC) has denied the company's appeal to remain on the Nasdaq. Maxim has been one of a plethora of companies involved in a stock-option probe.
As previously disclosed by the company on Aug. 23, 2007, the board of Nasdaq originally gave Maxim until Sept. 25, to file its past due periodic reports with the SEC and regain compliance with Nasdaq's listing requirements.
Maxim anticipates that its common stock will be quoted on the Pink Sheet Electronic Quotation Service automatically and immediately after Nasdaq suspends trading. The company expects that the trading symbol of its common stock will be changed to "MXIM.PK" and will also be listed as "Other-OTC" securities on the OTCBB website.
The company currently expects its restatement to be completed and its past due periodic reports to be filed during the first quarter of calendar year 2008. The company intends to promptly seek the re-listing of its common stock on a national exchange as soon as practicable thereafter.