Monday, October 1, 2007

SCO Loses CFO, Gets Another NASDAQ Warning

The SCO Group Inc., a developer of UNIX software technology and mobile services, reported Friday that it has received another notice from the Nasdaq stock market. According to SCO, the letter states Nasdaq’s Listing Qualifications Panel has granted SCO a Nov. 8 de-listing hearing. Nasdaq also notified SCO that its common stock is in danger of being de-listed on grounds that the stock has closed at less than $1 per share for the past 30 business days. The Lindon, Utah-based company has six months to improve its stock value. On Sept. 20, Nasdaq advised SCO in a written notice that SCO's stock would be de-listed on Sept. 27 as a result of the company’s Sept. 17 filing for Chapter 11 bankruptcy. SCO appealed, however, so de-listing on those grounds has been stayed pending the result of November's hearing. SCO also reported that Bert Young, formerly the company's chief financial officer, has left the company to pursue other opportunities. Ken R. Nielsen, previously CFO for Forward Foods LLC, will succeed Young in an interim capacity and will report to Darl McBride, president and CEO.