BURLINGTON, MA — Avid announced Dec. 4 that it had received approval to list its common stock on NASDAQ, under the symbol previously used, AVID. The stock opened at $14.25 per share on Monday, Dec. 8, 2014. By Dec. 23, after some ups and downs, it was holding steady near the $14 mark.
“We are pleased that Avid stock will once again trade on the NASDAQ,” said John Frederick, executive vice president, chief financial and administrative officer of Avid, shortly before the re-listing. “We believe this milestone offers current and future Avid shareholders an exciting opportunity to share in the success of our business through improved access to our common stock. We look forward to generating sustainable, profitable growth as we continue to execute on our plan to unlock the full potential of Avid.”
Avid was delisted from the NASDAQ in Feb. 2014 after an audit indicated that the company would have to revise financial results dating back to 2009 to fulfill periodic report filing requirements with the SEC. At issue: restatements involving free software updates that should have been included in the financial results but were omitted.
Avid first warned shareholders of the possible NASDAQ delisting in January 2014. The company’s stock price has ranged from close to $66 in 2005 to the $5 to $7 range during the NASDAQ de-listing. The company recently reported 1Q 2014 results showing earnings of $8.9 million on $135 million in sales.
