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27 February 2007


Kopin granted stay of delisting by Nasdaq

Kopin Corp of Taunton, MA, USA, which supplies GaAs HBT wafers and LCD-based microdisplays, says that the Nasdaq Listing Qualifications Panel has determined to stay the delisting of its common stock on The Nasdaq Stock Market, subject to certain conditions.

Kopin received notifice of delisted after it failed to file its Form 10-Q report for the quarter to end-September 2006 due to the firm’s ongoing internal review of its historical stock option grant practices (conducted by a special committee appointed by Kopin’s board of directors, assisted by independent legal and accounting experts). On 21 November the firm requested a hearing before the Nasdaq Listing Qualifications Panel, which was held on 18 January.

The conditions for Kopin’s delisting to be stayed are that:

  • By 11 April, Kopin provides the Nasdaq Hearings Department with the special committee’s final investigatory report, which must provide answers to a series of questions about the committee’s investigation. In lieu of the final report, the company must provide the Hearings Department with specific written responses to such questions; and
  • Kopin becomes current in its delinquent periodic reports, and files any required restatements, by 14 May. If Kopin is unable to meet this deadline, the panel will suspend trading of its stock, unless the Nasdaq Listing Council elects to review the case and stay the delisting.