On 26 November epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA received a letter from NASDAQ notifying that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) because its Form 10-Q report for third-quarter 2012 was not filed on a timely basis with the US Securities and Exchange Commission (SEC).
As announced by Veeco on 15 November, the Form 10-Q could not be filed on a timely basis because the firm is reviewing the timing of revenue recognition of metal-organic chemical vapor deposition (MOCVD) systems and related upgrades to these systems.
The letter notes that, for continued listing, Veeco is required, by 22 January 2013, to submit a plan to regain compliance with NASDAQ's filing requirements. Upon acceptance of the plan, NASDAQ can grant an extension of up to 180 days from the Form 10-Q's filing due date for the firm to regain compliance with the requirements for continued listing.
Veeco says that it continues to focus its efforts on completing the Form 10-Q filing as soon as possible and fully intends to submit a plan by 22 January.
