The company had been working to gain re-acceptance to the NASDAQ exchange ever since February of last year, when its stock was delisted following compliance problems with its financial statements dating back to 2009. Its stock began trading on the OTC Markets – OTC Pink Tier at that time.
Avid completed its restatements in September 2014 and subsequently applied for approval to be re-listed on NASDAQ. That approval was announced on December 4, 2014 and trading began several days later.
To celebrate, Avid Chairman, President and Chief Executive Officer Louis Hernandez, Jr. will be ringing the opening trading bell at NASDAQ headquarters in New York tomorrow morning, Friday, January 16.
In a press release today, Hernandez, Jr. said, “While there is still so much more to do, we have made tremendous progress over the past two years. We thank NASDAQ for the honor of opening the trading day, and remain grateful to our customers, partners, employees, and shareholders for their ongoing support.”
Investors willing to take a bet on the company during the risky times of last year have been rewarded. Yesterday Avid’s stock closed at $14.98 — more than three times its closing price of $4.93 immediately before it was delisted on February 25, 2014.
Updated January 16 with a photo from the opening bell.