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News

26 February 2007

 

Emcore receives second NASDAQ delisting notice

Emcore Corp of Somerset, NJ, USA, which makes components and subsystems for the broadband, fiber-optic and solar power markets, says it has received a second NASDAQ Staff Determination letter stating that it is not in compliance with the filing requirements for continued listing set forth in NASDAQ Marketplace Rule 4310(c)(14), and that its common stock is subject to delisting from The NASDAQ Stock Market.

On 15 February Emcore attended a hearing before the NASDAQ Listing Qualifications Panel to review Staff Determination letters that it received on 18 December and (most recently) 13 February. These are due to the firm’s failure to file with the Securities and Exchange Commission, respectively, its Form 10-K for the year to end-September 2006 and Form 10-Q for the quarter to end-December 2006 by the required deadlines. The delays in filing are due to the Emcore’s ongoing review of its prior stock option grants.

Under NASDAQ Marketplace rules, the request for a hearing automatically stays delisting pending the issuance of a written determination by the NASDAQ Listing Qualifications Panel. Emcore expects the panel to respond in the next 30 days to its request for continued listing.

Emcore adds that it plans to file the forms ‘as soon as reasonably practicable’.

Visit: http://www.emcore.com