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10/27/2006
07:08 AM
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Nasdaq Gives Apple De-Listing Reprieve

Apple wins a two-month extension to file its tardy Form 10-Q quarterly report with the SEC.

The NASDAQ stock exchange will not de-list Apple Computer, as long as the Cupertino, Calif.-based company files its overdue quarterly report with the U.S. Securities and Exchange Commission, Apple said in another filing Friday.

Apple - which had appealed NASDAQ's previous de-listing notice - said the exchange will allow its shares of stock to continue trading on condition that Apple files its tardy 10Q within two months.

"On October 24, 2006, Apple Computer, Inc. . . . received a written notification from the staff of The Nasdaq Stock Market stating that the Nasdaq Listing Qualifications Panel has granted the Company's request for continued listing on The Nasdaq Stock Market, subject to the condition that the Company shall file its Form 10-Q for the quarter ended July 1, 2006, and any required restatements, by December 29, 2006," Apple said in Friday's SEC filing.

"If the Company is unable to file the Form 10-Q by that date, it intends to seek an additional extension of time from the Nasdaq Listing Qualifications Panel," Apple said.

The filing was signed by Apple CFO Peter Oppenheimer.

Apple has delayed filing its quarterly report with the SEC as it evaluates how much it will need to restate earnings for prior years as a result of stock options dating irregularities it uncovered earlier this year. During an internal investigation, Apple determined that two former company executives were involved in the irregularities. No current executives did anything wrong, Apple said.

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