Troubled Covad Communications received notice from the Nasdaq that it could be delisted from the exchange because it does not meet certain requirements for continued listing. Covad, which provides high-speed DSL Internet connections, intends to request a hearing before a Nasdaq panel to review the company's plan to achieve compliance. There is no assurance that the panel will grant its request for continued listing, the company said.
The company, which recently outlined huge losses in its delayed 10-K report, said it expects to file its 10-Q financial report for the quarter ended March 31 during the week of June 18 or sooner. Covad is weighing all options to maintain its listing on the Nasdaq. The company aims to convince the panel that with its first-quarter results and the additional funding it is seeking, it will satisfy Nasdaq's requirements in a "reasonable period."