Stun gun maker Taser International Inc. said Friday that the Nasdaq Stock Market told the company its stock could be delisted because it failed to file its third-quarter financial report on time.
The company’s shares shed 90 cents, or 12 percent, to close at $6.50 Friday on the Nasdaq.
Taser said it will appeal the Nasdaq’s decision by requesting a hearing before the exchange’s listing qualifications panel. Until the panel makes a decision, Taser’s stock will continue to be traded on the Nasdaq, though its stock symbol will be changed to “TASRE” from “TASR” until it files its quarterly report.
The company, whose earnings and revenue have dropped sharply in recent quarters amid concern about the safety of its stun guns, said on Nov. 15 it would not file its third-quarter 10-Q report on time since it had to restate its first and second-quarter results. The restatement relates to errors in how it accounted for legal and professional fees.
The company said it will file its third-quarter 10-Q as soon as possible, after it files the restated first and second-quarter results.