MIPS stock scores continued Nasdaq listing
By Colleen Taylor -- EDN, February 5, 2007
Processor architectures and cores provider MIPS Technologies Inc. has received a pass from the Nasdaq listing qualifications panel granting its request for continued listing on the Nasdaq stock market.
The continued listing is not without qualifications, however. To remain listed on the market, the Mountain View, Calif.-based company must file its delayed Form 10-K for the fiscal year ended June 30, 2006, and all required restatements to the Securities and Exchange Commission (SEC) by March 19. The company must also file its delayed Form 10-Q for the quarter ended September 30, 2006, and any required restatements to the SEC by March 26.
MIPS received a delisting threat in November, due to a delay in filing regulatory forms to the SEC caused by its ongoing investigation into its stock option granting practices. MIPS' internal probe was launched in August, spurred by a government crackdown on illegal backdating that rocked the industry for the better part of 2006.
MIPS' first hearing with the Nasdaq listing qualifications panel was held on November 9, when the company's management presented its plan to regain compliance with Nasdaq's filing requirements with respect its Form 10-K for fiscal 2006. Subsequently, on November 21, the company also provided the panel with its plan to regain compliance with Nasdaq's filing requirements with respect to the Form 10-Q. On December 26, the company received word that the panel had granted the company's request for continued listing on the market, subject to the condition that the company file its Form 10-K and any restatements by February 7, and its Form 10-Q by February 21. Those deadlines have now been extended.
MIPS is not the only company that has had a close call with the Nasdaq market. Cirrus Logic, Atmel Corp. and Broadcom Corp. were all ultimately given a pass from Nasdaq's panel in recent months for their stocks to remain on the market, despite similar delisting threats.
