News

26 December 2006

Emcore and Finisar receive Nasdaq delisting notices 

Emcore Corp of Somerset, NJ, USA, which makes components and subsystems for the broadband, fiber-optic, satellite and terrestrial solar power markets, has received a Nasdaq Staff Determination letter stating that its common stock is subject to delisting from the Nasdaq Global Market.

The company is not in compliance with the requirements in Nasdaq Marketplace Rule 4310(c)(14), after it missed the 14 December deadline for filing its annual report on Form 10-K (for the year to end September) with the Securities and Exchange Commission while the company reviewed its past stock option grants.

Emcore is requesting a hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination letter. Meanwhile, the company says it plans to file its Form 10-K report “as soon as reasonably practicable”.

On 14 December fiber-optic component and subsystem maker Finisar Corp of Sunnyvale, CA, USA also said that it had received a Nasdaq Staff Determination notice stating that it is not in compliance with Marketplace Rule 4310(c)(14). Its common stock is subject to delisting from the Nasdaq Global Select Market.

Finisar had delayed filing the Form 10-Q report for its fiscal second quarter (to end-October), while the company reviews its past stock option grant practices. It plans to file its Form 10-Q report “as soon as practicable” following the conclusion of the review.

Finisar has also requested a hearing before the Listing Qualifications Panel to review the Staff Determination.

Emcore and Finisar join GaAs HBT epiwafer supplier Kopin Corp of Taunton, MA, USA, which on 15 November received notice of delisting (from the Nasdaq Global Market) after failing to file its Q3/2006 Form 10-Q report by the 10 November deadline due reviewing its stock option practices. On 21 November Kopin, likewise, also requested a hearing before the Listing Qualifications Panel.

Under Nasdaq Marketplace rules, the stock of all three companies continues to trade pending the issue of written determinations by the panel.

* As of 18 December, optical communications component maker JDS Uniphase Corp of Milpitas, CA, USA is no longer part of the Nasdaq 100, the Nasdaq Stock Market’s annual ranking of the 100 largest non-financial companies. However, this does not affect JDSU’s regular Nasdaq stock listing.

JDSU’s stock price slumped from $36 in March to about $14 in November, and is currently trading at just over $17.


See related item:

Kopin on notice from NASDAQ pending review of stock option practices

Visit Emcore: http://www.emcore.com

Visit Finisar: http://www.finisar.com

Visit Kopin: http://www.kopin.com

Visit JDSU: http://www.jdsu.com