Comverse Technology Inc. (Pink Sheets: CMVT) will relist for trading on Nasdaq on Friday, after four and a half years on the Pink Sheets in the wake of the 2006 stock options backdating scandal.
In a statement today, Comverse said, "The Nasdaq Stock Market LLC has approved its application for the relisting of its common stock on The Nasdaq Global Select Market. Comverse Technology s common stock is expected to resume trading on The Nadaq Global Select Market when the market opens on Friday, September 23, 2011, under the symbol CMVT."
Comverse Technology chairman and CEO Charles Burdick said, "We are pleased to be listed on Nasdaq. Nasdaq as a globally-recognized exchange can help broaden our investor base and increase our corporate visibility. As a leading provider of innovative, mission-critical software-based systems to customers in more than 125 countries, Comverse is delighted to join many of the world's most recognizable names in high technology with our listing on Nasdaq."
Comverse's return to Nasdaq was made possible after it met the US Securities and Exchange Commission (SEC) requirement to submit revised audited financial reports. Earlier this month, the company filed its audited financial report for its second fiscal quarter, which ends in July, removing the final obstacle to a Nasdaq reslisting.
Comverse's share price opens today at $7.36, giving a market cap of $1.51 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2011
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