12 January 2011

Emcore regains compliance with NASDAQ Listing Rule

Emcore Corp of Albuquerque, NM, USA, which makes components and subsystems for the broadband, fiber-optic, and solar power markets, has received a letter from the NASDAQ Listing Qualifications Department stating that it has regained compliance with NASDAQ Listing Rule 5250(c)(1) by filing with the US Securities and Exchange Commission (SEC) its annual report on Form 10-K for fiscal 2010 (to end September).

Rule 5250(c)(1) requires that NASDAQ-listed firms file their required periodic financial reports with the SEC on a timely basis. On 30 December, Emcore had hence received a letter from the NASDAQ Stock Market indicating that it was not in compliance with the continued listing requirements under the rule.

As announced on 29 December, Emcore's filing was delayed because its prior auditor Deloitte & Touche LLP (the independent auditing firm that audited its financial statements for the fiscal years ended 30 September 2008 and 2009) has not completed their procedures to re-issue their opinion with respect to Emcore’s financial statements for those fiscal years. Deloitte was specifically reviewing their audit procedures performed on the firm’s goodwill and intangible assets accounts.

Because Emcore has now been able to regain compliance with the rule before the deadline of 28 February that NASDAQ had established for it to submit a plan for regaining compliance, the firm is no longer required to submit such a plan to NASDAQ.

See related items:

Emcore receives NASDAQ notice due to delay in filing annual report

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