Asyst Receives Nasdaq Non-Compliance Notice
Staff Reporter -- EDN, August 18, 2006
Following the delay in filing its most recent Form 10-Q, Fremont, Calif.-based capital equipment provider Asyst Technologies Inc. reported today announced that it received a letter from the Nasdaq Listing Qualifications Department on August 14 indicating that it is not in compliance with the filing requirements for continued listing on the Nasdaq Global Market as set forth in Nasdaq Marketplace Rule 4310(c)(14).
The company received a similar letter on June 30, related to the delayed filing of its Form 10-K for the fiscal year ended March 31.
The company requested a hearing before a Nasdaq Listings Qualifications Panel to address that filing delay. A hearing has been scheduled for August 31.
The latest Nasdaq letter indicates that the company should address at the hearing its views with respect to this additional filing deficiency and that Nasdaq will consider this matter in rendering a determination regarding the company's continued listing on the Nasdaq Global Market, Asyst said.
At the hearing, the company expects to request additional time to remedy its filing delinquency; however it recognizes there can be no assurance that Nasdaq will grant additional time or that Nasdaq will not seek to de-list the company's stock from the Nasdaq Global Market.
Further, the company reiterated that it is not in a position to report full financial results or file its Form 10-Q for fiscal Q1 ended June 30, or file its Form 10-K for the fiscal year ended March 31, until a special committee of independent directors completes its previously announced inquiry into the company's past stock option grants and practices, and the company and its independent auditors complete the related accounting review.
