Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA says that on 17 July the NASDAQ Listing Qualifications Panel informed it that its request for continued listing on The NASDAQ Stock Market until 4 November had been granted.
As reported on 17 May, Veeco is not in compliance with NASDAQ Listing Rule 5250(c)(1) 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 was because the firm was 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.
On 24 May, Veeco received a letter from NASDAQ saying that, since it had not regained compliance, its common stock would be subject to delisting unless it requested a hearing before the NASDAQ Listing Qualifications Panel. On 18 June, the panel granted its request to extend the stay of suspension of trading in its stock pending a final determination regarding the firm's listing status following a hearing before the panel on 27 June. At the hearing, Veeco requested additional time to satisfy the NASDAQ listing requirement for it to be current in its filings with the US Securities and Exchange Commission (SEC).
Now, NASDAQ says that, on or prior to 4 November, Veeco must regain compliance with all applicable requirements for continued listing on The NASDAQ Stock Market including filing its outstanding annual and periodic reports with the SEC. Veeco says it is working, together with its auditors, towards becoming current with its SEC reports earlier than the November date.
