Shelly Associates Inc. said Friday that it has been delisted from the NASDAQ market. The company, a manufacturer of electronic displays, said it received notice from the National Assn. of Securities Dealers that its common shares no longer qualify for trading. Shelly went public in March, 1986. Publicly traded companies are required to maintain a certain level of assets and number of shareholders. Shelly's president, Daniel Montano, could not be reached Friday for comment.