comScore on Monday said it had been notified by a Nasdaq hearings panel that it has decided to delist comScore shares effective the open of business on Feb. 8.
comScore said the move was expected and was caused by comScore being unable to file financial data because of questions about its handling of certain non-cash transactions.
The decision to delist has been appealed by comScore, which has asked for a stay.
At the end of 2015, comScore acquired Rentrak to combine its expertise in measuring web traffic with Rentrak’s TV audience metrics to create a competitor to Nielsen. Shortly thereafter, comScore’s reporting problems became public and several key officers have left the company.
When trading of comScore’s shares is suspended on Nasdaq, the stock will be quoted on the over-the-counter market until comScore catches up with its financial reporting. At that point it will seek to be listed again on a national exchange.
comScore stock dove 28% to close at $23.22 on Monday.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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