USA: Sport-Haley Addresses Continuation of Trading Halt
Sport-Haley, Inc today announced that it has attended a hearing before a panel of the Nasdaq Listing Qualifications Committee. The hearing was called in order to determine whether or not the company's Common Stock should be de-listed from the Nasdaq National Market.As previously announced, the company has restated its financial statements for the years ended June 30, 1998 and 1999. Such restated financial statements, including an opinion that covers the three year period ended June 30, 2000, were filed in the Form 10-K by the company on November 3, 2000.At the hearing, the company presented its financial statements and discussed with members of the panel the reasons underlying the restatement. Based on the company's total current assets of over $23.8m at June 30, 2000, the fact that the company has no indebtedness, and based on the company's continuation of profitable operations during each year since its initial public offering in 1994, the company is of the belief that it meets all of the relevant maintenance criteria for listing on the Nasdaq National Market. The panel has not advised the company of any date on which the company's Common Stock may recommence trading on the Nasdaq National Market®.The company has filed an extension under which the due date of its next Form 10-Q is November 20, 2000. While the company is devoting significant and continuing effort to meet this filing deadline, it believes that it is possible that such filing may be physically completed within 24 to 48 hours after such filing deadline. It is, however, committed to filing such Form 10-Q as soon as practicable.
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