Ixia announced Friday a Nasdaq hearings panel has determined to continue listing the company on the exchange if certain conditions are met.
The Calabasas maker of computer networking software failed to comply with Nasdaq rules last fall when it didn’t file quarterly reports in the aftermath of Chief Executive Vic Alston’s surprise resignation. The unexpected leadership turnover caused the company to miss the filing deadline. In addition, the resignation prompted an accounting review by the audit committee, which found errors in previous filings.
Nasdaq threatened to delist the company unless it filed new reports, but the company met with exchange officials on June 12 and presented a filing plan.
Ixia is currently only delinquent in filing its quarterly report for the first quarter of 2014, ended March 31. The company expects to file the report in late July. However, because of the effort it expects to expend on the project, it will miss the August 11 deadline for the second quarter report.
The company expects to file the second quarter report and become fully current by September 12, the date specified by the hearing panel.
Shares of Ixia closed up 11 cents, or 1 percent, to $10.93 in trading on the Nasdaq.