On 5 March epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA received a letter from the NASDAQ Stock Market notifying it that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) because its annual report on Form 10-K for 2012 was not filed on a timely basis with the US Securities and Exchange Commission (SEC).
As previously announced, the Form 10-K, as well as the firm’s quarterly report on Form 10-Q for third-quarter 2012, could not be filed on time due to an accounting review (announced on 15 November) regarding the timing of revenue recognition for the sale of certain metal-organic chemical vapor deposition (MOCVD) systems and related upgrades to these systems.
Veeco had previously announced that it had submitted to NASDAQ a plan to regain compliance with its requirements for continued listing and that NASDAQ had granted an extension, to 20 May, for it to regain compliance. The NASDAQ letter of 5 March requires Veeco to submit an update to its original plan to regain compliance with NASDAQ’s filing requirements for continued listing by 20 March. Veeco confirms that it intends to submit such an update by the required date.
Veeco says that it continues to conduct the review and intends to file its Forms 10-Q and 10-K as soon as reasonably practicable after these accounting matters have been addressed.
