On Friday Apple announced that it will request a hearing before the NASDAQ Listing Qualifications Panel, the company is responding to a letter from NASDAQ claiming that Apple is not in compliance with the filing requirements for continued listing as set forth by Marketplace Rule 4301(c)(14).
Apple claimed that the letter from NASDAQ was not unexpected, it's in response to Apple's notification that it will delay the filing of its 10-Q for fiscal quarter ending July 1, 2006.
Until a final decision is made by the NASDAQ panel, Apple shares will remain listed on the NASDAQ Stock Market.