News Article
Emcore Receives Notification of Deficiency From NASDAQ
Emcore delayed filing form 10-K as Deloitte & Touche had not completed its procedures to re-issue its opinion with respect to the Company's financial statements for the fiscal years 2008 and 2009.
Emcore Corporation has received a letter from the NASDAQ Stock Market indicating that the Company was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c)(1).
Emcore is a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets.
The NASDAQ letter was received on 18 August 2010 and was expected by the Company. The letter was issued in accordance with standard NASDAQ procedures because the Company did not timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 with the Securities and Exchange Commission.
As previously reported by the Company on August 16, 2010, the filing of the Quarterly Report has been delayed because the Company requires additional time to complete its review of the accounting for certain inventory write-downs and the allowance against a specific account receivable that the Company has determined should be recorded. The Company intends to file its Quarterly Report as soon as practicable upon completion of its review.
The Company is required to submit a plan to regain compliance with NASDAQ's requirements for continued listing and the plan must be submitted by October 18, 2010.
