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Tue 3 Apr 2007 09:34 AM

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Nasdaq to put off NEC delisting

The US exchange has agreed to put off a decision on whether to delist NEC's American depositary receipts.

Japanese electronics conglomerate NEC Corp., which has been dogged by accounting problems, said yesterday the U.S. Nasdaq exchange had agreed to put off a decision on whether to delist NEC's American depositary receipts.

NEC failed to meet an April 2 deadline to file an earnings restatement for the business year to March 2006 with the U.S. Securities and Exchange Commission. The company is still analysing data needed to file the report, it said in a release.

Nasdaq's Listing Qualifications Panel had previously said that it would not be able to extend the April 2 deadline, but NEC then asked the bourse's overseeing Hearings Review Council to review the decision.

NEC's ADRs will remain listed pending the council's decision.

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