Bell Micro delisted from NASDAQ

by Stuart Wilson, Wednesday 19 March 2008

Bell Microproducts has been delisted from NASDAQ for failing to file overdue reports with the Securities and Exchange Commission (SEC). The value-added distributor has stated that it, ‘is working diligently to complete this process and will promptly seek relisting of its common stock once completed’.

The Board of Directors of NASDAQ informed Bell Micro that it would not grant the company additional time to file the necessary reports and that the company’s stock would be suspended from trading from today. As a result Bell Micro’s common stock is now quoted on the Pink Sheet Electronic Quotation Service under the ticker symbol ‘BELM.PK’.

NASDAQ had previously extended Bell Micro’s deadline for filing the necessary documents with the SEC until March 17th, but the distributor – despite making progress on the reports – could not meet the deadline set.

Bell Micro previously announced that it had received waivers from each of its major lenders. In a statement regarding its delisting, Bell Micro declared: “The lenders have agreed to waive the Company’s obligations to provide audited financial statements and, where applicable, the requirement that the Company remain listed on NASDAQ, through Sept. 30, 2008. The Company does not anticipate any significant impact to its operations or bank lines as a result of the delisting, and reported that there are no defaults presently existing or expected during this time.”

Bell Micro also encouraged investors to read its recent SEC filings regarding the current situation. Bell Micro is an international, value-added distributor of a wide range of high-tech products, solutions and services, including storage systems, servers, software, computer components and peripherals, as well as maintenance and professional services.