On 13 May, 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 quarterly report on Form 10-Q for first-quarter 2013 was not filed on a timely basis with the US Securities and Exchange Commission (SEC).
As previously announced, the Form 10-Q, as well as the firm’s annual report on Form 10-K for 2012 and 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. A NASDAQ letter of 5 March had required Veeco to submit an update to its original plan to regain compliance with NASDAQ’s filing requirements for continued listing by 20 March.
However, Veeco does not expect to regain compliance with NASDAQ’s requirements for continued listing by 20 May. The firm hence intends to request a hearing before the NASDAQ Listing Qualifications Panel to request additional time to regain compliance and to request that NASDAQ allow its securities to remain listed on The NASDAQ Global Select Market until such time as the hearing process concludes and any resulting exception period expires.
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.
