Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA has received a letter from The NASDAQ Stock Market LLC indicating that the NASDAQ Listing Qualifications Panel has granted its request to extend the stay of suspension of trading in its common stock pending a final determination regarding the firm's listing status following a hearing before the panel. The hearing has been scheduled for 27 June.
At the hearing, Veeco will request additional time to satisfy the NASDAQ listing requirement for it to be current in its filings with the US Securities and Exchange Commission (SEC).
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 reacognition 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 it has not regained compliance and that its common stock would be subject to delisting unless it requests a hearing before the NASDAQ Listing Qualifications Panel. Veeco said on 3 June that it was continuing to conduct the review and intended to file its Forms 10-Q and 10-K "as soon as reasonably practicable after the accounting matters have been resolved".
The Listing Qualifications Panel typically issues decisions within 30 days of the hearing date; however, there is no requirement that it do so within that time frame.
Veeco says that it will provide an update regarding its continued listing status once a decision on this matter has been issued following the hearing.
