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Kopin Corp of Taunton, MA, USA, which makes GaAs heterojunction bipolar transistor (HBT) epiwafers and liquid-crystal CyberDisplays, has received a Nasdaq Staff Determination letter indicating that it is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) after failing to file its first-quarter 2008 Form 10-Q financial report in time.

Kopin has delayed the filing pending review of a recently filed Request for Mediation made by a customer, a privately held company based in the European Union that has made claims relating to certain representations and actions of an employee of a Kopin subsidiary. Kopin is currently conducting an investigation relating to the claims.

Previously, Kopin received Nasdaq notifications for failing to file its Q3/2006 Form 10-Q, 2006 Form 10-K, and Q1, Q2 and Q3/2007 Form 10-Q financial reports. However, those delays were due to an investigation into the firm’s past stock option granting practices by a special investigative committee (appointed by Kopin’s board). The firm filed the delinquent reports with the US Securities and Exchange Commission in mid-March, lifting the threat of de-listing.

The latest Nasdaq Staff Determination letter states that, unless Kopin requests a hearing in accordance with Nasdaq Marketplace Rules, the firm’s securities will be delisted at the opening of business on 28 May. Kopin therefore intends to request a hearing before a Nasdaq Listing Qualifications Panel to appeal the determination, which will stay this latest threat of delisting.

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