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22 August 2007


Nasdaq issues further warnings to Kopin and Emcore

As expected, Kopin Corp of Taunton, MA, USA, which makes heterojunction bipolar transistors (HBTs) 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 second-quarter 2007 Form 10-Q financial report in time.

Kopin has previously received Nasdaq notifications for failing to file its Q3/2006 Form 10-Q, 2006 Form 10-K and Q1/2007 Form 10-Q periodic reports. The delays are due to a special investigative committee (appointed by Kopin’s board) conducting an investigation into the firm’s past stock option granting practices and related accounting. In May, the committee issued preliminary findings and recommendations that financial statements for 1995 through 2006 (and the related interim periods) should not be relied upon and should be restated. Kopin is hence working to complete any necessary restatements.

On 2 August, Kopin said that the Nasdaq Listing and Hearing Review Council had notified the firm that it has until 25 September to file its overdue periodic reports and any necessary restatements with the US Securities and Exchange Commission and Nasdaq, otherwise it could be suspended from the Nasdaq Global Market.

Kopin now intends to request that the Nasdaq board of directors exercise its discretionary authority (under Nasdaq Marketplace Rule 4809) to grant the firm continued listing beyond 25 September to allow the special investigative committee time to complete its investigation and for the firm to prepare and file its audited financial statements.


On August 13, 2007, maker of compound semiconductor-based components and subsystems Emcore Corporation of Albuquerque, NM, USA also received a Nasdaq Staff Determination letter. As in the case of Kopin, Emcore is not in compliance with Rule 4310(c)(14) and its common stock is subject to delisting from the Nasdaq Stock Market. The notice came as a result of Emcore’s failure to file its quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2007 with the Securities and Exchange Commission (SEC) by the required deadline.

On June 15, 2007, Emcore received a letter from The Nasdaq Stock Market saying that the Listing Counsel had stayed the Nasdaq Listing Qualifications Panel’s decision of May 10, 2007 to suspend the company's securities from trading on Nasdaq pending further review by the Listing Council. As a consequence, Emcore was permitted to continue trading on the Nasdaq Global Market System until further action by the Listing Council to lift the stay, which would not occur before August 10, 2007. Emcore was also asked to submit any additional information to the Listing Council for consideration in its review by no later August 10, 2007.

On August 10, 2007, Emcore submitted a letter to the Listing Council requesting that it exercise its discretionary authority to grant the company an additional extension to regain compliance with Nasdaq's filing requirement. Emcore is awaiting the Listing Council's response.

Following an investigation by a special committee of Emcore’s board of directors, the company says it has determined measurement dates for all incorrectly dated historical stock option grants, and is making corresponding accounting adjustments to its historical and current financial statements. Along with its accounting advisors, Emcore is now working to complete the remaining steps necessary for the company to become current in SEC reporting obligations.

These “remaining steps” include an audit of Emcore’s annual report on Form 10-K for the fiscal year ended September 30, 2006 and a review of its quarterly reports on Form 10-Q for the fiscal quarters ended December 31, 2006, March 31, 2007, and June 30, 2007. Emcore says it is hopeful that these reports will be filed in September 2007.

See related items:

Kopin and Finisar receive further Nasdaq non-compliance notices

Kopin granted stay of delisting by Nasdaq

Emcore and Finisar receive Nasdaq delisting notices 

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