Atmel Granted Continued Nasdaq Listing
By Colleen Taylor -- EDN, December 11, 2006
Despite ongoing stock options-related woes, semiconductor solutions provider Atmel Corp.'s stock will continue to be listed on Nasdaq.
The company today announced that the Nasdaq's listing qualifications panel has granted its request for continued listing on the stock market, subject to certain conditions.
Atmel has been embroiled for months in the tech industry's continuing stock options backdating scandal. In October, Atmel admitted to discovering a history of illegal backdating that would result in a big restatement of its financial records and will likely include monetary charges, for which the company has not stated a specific amount yet.
This is not the first time the company has been on the rocks with Nasdaq. In August, Nasdaq notified Atmel that it did not comply with its marketplace rule 4350, which requires that a majority of its directors be independent, due to the appointment of a director, George Perlegos, as president and CEO. However, thanks to Perlegos' dramatic exit from the company, Atmel was notified that it had regained compliance with the stock exchange.
This time around, Atmel's continued listing on the exchange is subject to a few conditions. On or before Feb. 9, 2007, Atmel must file with the Securities and Exchange Commission (SEC) its already-delayed Forms 10-Q for its Q2 and Q3, as well as any necessary restatements for prior financial periods. In granting the extension, the panel has also required that through Feb. 9, Atmel notify the panel of the occurrence of any significant events, including any event that may call into question Atmel's historical financial information or impact the company's ability to comply with any Nasdaq listing requirement or satisfy the February deadline. In addition, any submissions to the panel, press releases, or public filings prepared by Atmel will be subject to review by the panel.
Meanwhile, the audit committee conducting Atmel's review has still not completed its work nor reached final conclusions, the company said, and is continuing its investigation into its past stock options granting practices.
