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Nasdaq gives Cray delisting warning

Said stock would be delisted April 13, but shares will remain listed pending decision in appeal hearing.

Nasdaq warned Cray on Friday that its failure to file an annual report by a March 31 deadline means its stock no longer qualifies for listing on the market, the supercomputer maker said Monday. Cray said in March that it would delay the filing to review whether as much as $3.3 million in revenue from a product development contract had been recorded improperly.

Nasdaq said the stock would be delisted on April 13, but Cray requested an appeal hearing, and the stock will remain listed pending the hearing decision, the company said. Cray "currently does not have an anticipated date of filing for the annual report, but continues to work as expeditiously as possible with the external auditors to complete the review," the company said in a statement.