Class A motorhome manufacturer Rexhall Industries Inc. has been informed by the Nasdaq Listing Qualifications Panel that its stock shares may continue trading.
Consequently, the Lancaster, Calif.-based company’s shares resumed trading Oct. 4 under the symbol REXL.
For a little over a month, Rexhall shares traded under the symbol REXLE because the qualifications panel was conducting a review to determine whether the company’s stock should continue trading on Nasdaq.
Rexhall’s Nasdaq trading qualifications came into question because it missed the deadline for releasing its second-quarter earnings and because raw materials inventory accounting problems forced Rexhall to restate its first-quarter results.
As a result of the accounting problems, which Rexhall believes have been rectified, the company fired its CFO and materials manager.
After a review of its accounting procedures, Rexhall concluded that it incurred a net loss of $253,000 in the first quarter and posted a net profit of $264,000 for the second quarter.
Accounting and legal fees related to the review of its records totaled “$600,000 or more” and will be written off as an expense for the third quarter, Rexhall reported last week.