Accredited Home Lenders, San Diego, has been notified by the NASDAQ stock exchange that it will be delisted because it did not file its annual 10-K report by March 15.Accredited, the nation's 12th-largest subprime lender, is appealing NASDAQ's decision. In a statement, the company said the appeal will delay the delisting. In the meantime it is working to file its 10-K "as soon as possible." Accredited said it is continuing to "explore various strategic options, including raising additional capital to enhance liquidity." On March 16, the company said it has found a buyer for $2.7 billion in "loans held for sale" but will take a $150 million hit on the deal. In trading on Monday its shares were down 10%.
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