On 24 May, epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA received an anticipated letter from The NASDAQ Stock Market LLC notifying it that it has not regained compliance with NASDAQ Listing Rule 5250(c)(1), the continued listing requirement to file all required periodic reports with the US Securities and Exchange Commission (SEC) on a timely basis, and therefore that its common stock would be subject to delisting unless it requests a hearing before a NASDAQ Listing Qualifications Panel.
Accordingly, Veeco has requested a hearing before the panel. The firm will present its plan for regaining compliance with the rule, and request continued listing pending its return to compliance. The hearing request will result in an automatic stay of delisting until at least 17 June.
Concurrent with the hearing request, Veeco has asked the panel to extend the stay until the conclusion of the hearing process. The panel has the discretion to grant the firm an extension within which to regain compliance with the rule for a period not exceeding 360 days from the original due date for the first late filing, or 4 November 2013. There can be no assurance that the panel will grant the request for continued listing.
As reported on 17 May, Veeco is not in compliance with the rule because it did not file on time its quarterly report on Form 10-Q for first-quarter 2013, its annual report on Form 10-K for 2012 and its quarterly report on Form 10-Q for third-quarter 2012. This is because the firm is reviewing the timing of recognition of revenue and related expenses on the sale of certain metal-organic chemical vapor deposition (MOCVD) systems and related upgrades to these systems. The accounting review was announced on 15 November 2012. Veeco continues to conduct the review and intends to file its Forms 10-Q and 10-K as soon as reasonably practicable after the accounting matters have been resolved.
