Tech Data granted stay of execution by NASDAQ

NASDAQ tells Tech Data it has until 27 March 2014 to shape up or ship out

The NASDAQ stock market has granted Tech Data’s request for a little more time to get its accounts in order.

The distributor now has until 27 March 2014 to regain compliance with NASDAQ listing rules, or face being thrown off the stock market.

This includes filing all outstanding annual and periodic reports with the Securities and Exchange Commission (SEC) prior to that date.

The distributor has now failed to turn in results statements for three consecutive quarters – its third quarter filings would have been made around 11 December – following the discovery of a £26m hole in its UK accounts back in March.

The improprieties uncovered at Tech Data UK, which at the time was still known as Computer 2000, relate to how it recognised vendor accounting.

In a brief statement Tech Data said it was “working toward becoming current with its SEC reports prior to the March date”.

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