Cray faces Nasdaq de-listing over accounts

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Cray faces Nasdaq de-listing over accounts

Antony Savvas

Supercomputer maker Cray could be de-listed from the Nasdaq stock exchange after it failed to deliver its annual report on time.

Nasdaq warned Cray last Friday that its failure to file an annual report by a 31 March deadline meant its stock no longer qualified for a listing on the market.

Nasdaq said the stock would be de-listed on 13 April, but Cray requested an appeal hearing. As a result, the stock will remain listed pending the hearing decision, said Cray.

Cray said it doesn’t so far have a firm annual accounts filing date, but that it is continuing to work with its auditors to allow it to file the accounts.

Cray warned last month that it would be delaying the filing of its returns, as a result of reviewing whether up to $3.3m (£1.9m) in sales from a product development contract had been improperly recorded.

Cray is a leading player in the supercomputer market.

At the end of last year, Microsoft hired Cray’s chief scientist as part of its attempt to win a slice of the growing business sales in supercomputing.

Supercomputers have previously been the domain of universities and government research labs, but these days they are increasingly in demand by large businesses wanting ever more computing power.

Microsoft last year unveiled the beta 2 version of its Windows Compute Cluster 2003. It is expected that the Microsoft product will be launched as a commercial product for supercomputer users some time this year.

Tera bought Cray Research from Silicon Graphics in 2000 and renamed itself Cray.


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