Max Re Capital Ltd. may face delisting from the Nasdaq stock exchange for failing to file its first-quarter financial report on time.

The company said it was not able to file its quarterly Form 10-Q for the first quarter because its Audit Committee of the board of directors could not complete a review of three finite risk contracts written in 2001 and 2003.

As a result of the review, the company said it expects, but has not yet firmly decided, to restate its financial results for the years 2001 through 2005.

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