Nasdaq again extends Kopin filing deadline

TAUNTON – Kopin Corp. (Nasdaq: KOPN) has been granted additional time to regain compliance with Nasdaq rules, the company said today.
The board of directors of the Nasdaq Stock Market LLC has given the company until Feb. 11 to file all of the periodic financial reports that have been delayed by Kopin’s probe of past stock-option practices. In October, the stock market had given the manufacturer until Dec. 17 to regain compliance or risk de-listing. (READ MORE)
“As announced by the company in May 2007, a Special Investigative Committee issued preliminary findings and recommendations based on its review of Kopin’s historical stock-option granting practices,” Kopin said in its after-market statement. As part of its preliminary findings, the Special Investigative Committee recommended – and the company’s board of directors agreed – that the company’s financial statements for the period 1995 through 2006 and the related interim periods should not be relied upon, and that the company’s financial statements should be restated.”
Kopin “is now working to complete any necessary restatements of its financial statements,” the company said. Still outstanding are its full financial reports for periods from the third quarter of 2006 through the third quarter of 2007. Nasdaq previously had given the company until Sept. 25 to file the overdue quarterly and annual reports – as well as any necessary restatements for previous periods – but this fall, Kopin had sought and been granted an extension. (READ MORE)
If Kopin has not regained compliance by Feb. 4, Nasdaq staff are to discuss the problem with the company and advise the stock market’s board whether Kopin common stock should retain its Nasdaq listing.
Kopin Corp. (Nasdaq: KOPN) develops and manufactures telecommunications and digital imaging technologies under the Kopin, CyberDisplay and NanoSemiconductor Co. trademarks. Additional information is available at www.kopin.com.