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Sterling gets Nasdaq reprieve
The Nasdaq stock exchange agreed to keep Lancaster CountyÂ’s Sterling Financial Corp. listed until Nov. 12.
Sterling will try to file overdue financial statements by that date, company spokesman Mike Lambert said.
“We’re optimistic that we’ll be able to make that date, but if for some reason we’re not able to make that date, then it means we’ll have to have another conversation, perhaps pursue a different avenue with Nasdaq,” he said in a telephone message.
Sterling faces delisting because of its failure to file quarterly reports in the wake of an accounting scandal at its logging-finance subsidiary, EFI.
Nasdaq wrote in a letter that it was extending SterlingÂ’s listing to allow the company to complete its investigation and catch up on filings, according to Sterling.
Sterling has agreed to be acquired by The PNC Financial Services Group Inc. for $565 million in cash and stock, but that deal is only expected to close in the first quarter of 2008.
