Veeco Instruments Inc. announced yesterday that it received a letter from The NASDAQ Stock Market LLC (NASDAQ) on August 14, 2013 notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) because its Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 (the Form 10-Q) was not filed on a timely basis with the Securities and Exchange Commission (SEC). NASDAQ Listing Rule 5250(c)(1) requires the Company to timely file all required periodic financial reports with the SEC.
As previously announced, the Form 10-Q, as well as the Company’s annual report on Form 10-K for the year ended December 31, 2012 and quarterly reports on Form 10-Q for the quarters ended September 30, 2012 and March 31, 2013, could not be filed timely because the Company is reviewing the timing of the recognition of revenue and related expenses on the sale of certain of its products. The accounting review was announced on November 15, 2012.
Veeco had previously announced that the NASDAQ Listing Qualifications Panel informed Veeco that its request for continued listing on The NASDAQ Stock Market until November 4, 2013 was granted. On or prior to November 4, 2013, 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.
The Company 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 resolved.
