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Avid Technology requests hearing regarding Nasdaq letter

Avid Technology announced that on August 29 it received a letter from the staff of the Listing Qualifications Department of The Nasdaq indicating that unless the company requests a hearing before the Nasdaq Listing Qualifications Panel by September 5, the company's common stock would be subject to delisting based upon its non-compliance with Nasdaq's filing requirement. The company has requested a hearing before the panel and also requested a stay of the staff's delisting determination. As a result of this request, the delisting of the company's common stock is automatically stayed until at least September 20 and, assuming the panel grants the company's request for a stay any final delisting action will be further stayed until at least the panel's final determination following the hearing.