NEC Corp., Japan's largest maker of personal computers, said Wednesday it would be suspended from the Nasdaq Stock Market on Thursday, pending a delisting, after failing to submit an annual report to the Securities and Exchange Commission.
Holders of the American depositary receipts, which account for 2.9 percent of NEC's outstanding stock, can trade the securities over the counter or convert them into common shares, according to a statement from the Tokyo-based company.
A withdrawal from the Nasdaq would hurt the company's ability to attract investors in the U.S. More than 27 percent of NEC shareholders are non-Japanese.
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