Avid has moved to reassure its customers after it emerged that the company faces being delisted from the Nasdaq.

Avid chief financial officer John Frederick said that ifdelisting were to occur, the company’s shares would trade on an alternative market while the company works to complete the restatement of its accounts. 

“Should that happen we intend to promptly apply for relisting on Nasdaq as soon as we regain compliance with their listing requirements,” Frederick said, adding that Avid “remains strong and focused on our company’s growth”.

Avid said it had made “substantial progress” with the restatement but that it was unable to say when the process would conclude.