KIT Digital Dismisses Auditor; Shares Will Be Delisted From Nasdaq
Last update: 12/18/2012 9:56:15 AM
By Tess Stynes
KIT digital Inc. (KITD) dismissed its independent auditor Grant Thornton LLP as the maker of on-demand software also said its shares would be delisted from the Nasdaq Stock Market as of Friday before the market opens.
The company last month said it would restate its financial results since 2009 due to accounting errors and was considering strategic alternatives, including financing transactions and a possible sale of the company, as it expects to continue to incur significant cash expenditures.
KIT digital said Tuesday it is in the process of engaging a new auditor. The company's stock is currently subject to a trading halt that it doesn't anticipate will be lifted before the delisting. KIT digital said the delisting stems from its decision to not pay certain fees based on its current circumstances. The company intends to apply for listing on the OTC Pink Sheets/OTC Pink Marketplace.