Avid relists on Nasdaq
Published: MEA
WORLD: Avid has received approval to relist on the Nasdaq stock exchange. Following the approval, the company’s stock returned to the exchange for the opening of trading on Monday December 8th.
The company was de-listed from the stock exchange in February 2014 following an accounting restatement. Speaking to Pro Audio Middle East at the time, Avid CEO Louis Hernandez Jr explained: ‘We had an accounting issue that caused a restatement that we discovered very shortly after I got here. It’s a restatement about how we account for improvements to our software over time. We had to go back eight years and cover literally every single release for every single customer during that period, which is why it has taken so long.’
This process saw Avid shares moved to the OTC markets while the issue was resolved. Following this, the shares have now moved back to the Nasdaq.
‘We are pleased that Avid stock will once again trade on the Nasdaq,’ said John Frederick, executive vice president, chief financial and administrative officer of Avid. ‘We believe this milestone offers current and future Avid shareholders an exciting opportunity to share in the success of our business through improved access to our common stock. We look forward to generating sustainable, profitable growth as we continue to execute on our plan to unlock the full potential of Avid.’