Newcom Inc. Expects Delisting From Nasdaq

Newcom Inc. in Westlake Village said it expects to be delisted from the Nasdaq stock market after the seizure of the computer accessory distributor’s inventory by its lender, the shuttering of its headquarters and the firing of its employees.

Newcom said it hasn’t sold a “material” amount of goods since January, when Deutsche Financial Services cut off Newcom’s working capital line of credit. It said it failed to restructure its financing agreement with the lender and has not been able to find new financing.

In addition to seizing its inventory, Deutsche has sued Newcom for more than $8 million in unpaid debt, the company said.

It owed the lender $10.7 million on Jan. 15, according to a regulatory filing.

The company said it has closed its 33,000-square-foot headquarters in Westlake Village, which it subleased from Aura Systems.

Newcom was spun off from El Segundo-based Aura in September 1997 in an initial public offering of 2 million shares.