Shares of Autobytel Inc., which links car buyers to dealers online, rose nearly 10% Wednesday after the company said Nasdaq gave it more time to file past-due financial reports.
The statements are needed in order for the Irvine-based company to maintain its trading spot on the Nasdaq National Market.
Autobytel missed a May 15 deadline to file its 2004 annual report and two quarterly reports.
However, a Nasdaq compliance panel gave Autobytel until May 31 to get the reports filed, or else face delisting from the exchange, the company said late Tuesday.
Shares were up 9.8% to $4.02 Wednesday.
Nasdaq said the company has until May 31 to file its quarterly reports for the periods ended Sept. 30, 2004 and March 31, 2005, and its 2004 annual report. It also wants Autobytel’s restated financial reports dating back to 2002 to be filed by then.
In April, Autobytel board member Richard A. Post, a former chief financial officer of Media One Group, which was bought by AT & T; in 2000, replaced outgoing chief executive Jeffrey Schwartz, who resigned.
The change in top executives came just as the online automobile marketing services company began in earnest an internal accounting review of its books.
