I don't think there is any way that Nasdaq would permit a trading halt of this length over an auditor resignation. A minority investment stake also should have been able to be wrapped up over the weekend, as well as a tender offer. That leaves either a sale of a controlling stake (which would be a complex negotiation involving a full blown acquisition agreement) or something more complicated relating to CCME's financials than Deloitte resigning. If it is the financials, I have to think that CCME has given NASDAQ some assurance that whatever additional disclosure needs to be finalized will be finalized in the near future. A multi-day halt for a financial disclosure is in my experience unusual without at least some preliminary disclosure about the material news.
Interesting that CAGC's halt code relating to a forensic audit and 10-K delay is T12 (i.e. more information requested from Company) not T1. The plot thickens.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.