KIT digital has dismissed Grant Thornton as its independent auditor and says it is in the process of appointing a new firm to take on the task.
The troubled video management company says its common stock will bow be delisted from NASDAQ on December 21.
KIT plans to restate its quarterly and annual financial statements issued between 2009 and 2011. The two quarters published so far this year will also be restated and the company has delayed the publication of the quarter ending September 30, 2012.
Receipt of the 10-Q Quarterly Report form by the Securities and Exchange Commission is a condition of the exchange’s continued listing requirements.