TAUNTON – Kopin Corp. (Nasdaq: KOPN) has received a non-compliance letter from Nasdaq, as expected, for failing to file its quarterly report for the period ended June 30.
The Nasdaq Staff Determination indicated that the delay violates Marketplace Rule 4310(c)(14), and indicates that Kopin’s common stock will be subject to delisting if the company does not request a hearing before the Nasdaq Listing and Hearing Review Council. But because the issue already is pending before the council, Kopin asked that no action be taken.
As Kopin said on Aug. 2, the Nasdaq council has given the company until Sept. 25 to file its overdue periodic reports and any necessary restatements of previous reports with both Nasdaq and the U.S. Securities and Exchange Commission. Should the company fail to do so, its listing on the Nasdaq Global Market could be suspended at the opening of business on Sept. 27.
But in its after-market statement yesterday, the company said it intends to ask the Nasdaq Board of Directors to grant a further extension, to allow Kopin time to complete its probe of past stock-option practices and file its audited financial statements.
Kopin Corp. (Nasdaq: KOPN) develops and manufactures telecommunications and digital imaging technologies under the Kopin, CyberDisplay and NanoSemiconductor Co. trademarks. To learn more, visit www.kopin.com.
