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Veeco Receives NASDAQ Notice About Late10-Q Filing

The MOCVD system manufacturer did not file its quarterly report on Form 10-Q for the quarter ended March 31st 2013 in time with the SEC
Veeco Instruments received a letter from the NASDAQ Stock Market LLC on May 13th, 2013 that it is not in compliance with NASDAQ Listing Rule 5250 (c).

As previously announced, this Form 10-Q, as well as the company’s annual report on Form 10-K for the year ended December 31st, 2012 and quarterly report on Form 10-Q for the quarter ended September 30th, 2012, were not filed in time.

This was because Veeco was reviewing the timing of the recognition of revenue and related expenses on the sale of certain of its products. The accounting review was announced on November 15th, 2012.

The company intends to file its Forms 10-Q and 10-K as soon as reasonably practicable after these accounting matters have been resolved.

Veeco had previously announced that it had submitted to NASDAQ a plan to regain compliance with requirements for continued listing and that NASDAQ had granted an extension, to May 20th, 2013, for the company to regain compliance with NASDAQ’s requirements for continued listing.

However, the company does not expect to regain compliance with NASDAQ’s requirements for continued listing by May 20th, 2013.

So Veeco intends to request a hearing before the NASDAQ Listing Qualifications Panel to request additional time to regain compliance with NASDAQ’s requirements for continued listing.

The firm also intends to request that NASDAQ allow itst securities to remain listed on the NASDAQ Global Select Market until such time as the hearing process concludes and any resulting exception period expires.

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