TAUNTON – Nasdaq has agreed to stay its de-listing of the Kopin Corp. (Nasdaq: KOPN) until the company’s situation can be reviewed by the market’s Listing and Hearing Review Council, Kopin said.
The company, which requested the stay, was given until June 1 to provide additional information.
Because of an ongoing review of Kopin’s historical stock-option grants, the company has been unable to complete timely filings of its regular reports for the quarter ended Sept. 30, 2006, the year ended Dec. 31, 2006, and the quarter ended March 1, 2007. Preliminary findings from that review were announced May 3 by a special panel of Kopin’s board of directors. The panel said that, in its view, the company will need to restate certain financial statements for the periods from fiscal 1995 through fiscal 2006.
Kopin “is reviewing the preliminary findings of the independent investigation, and has not yet determined the impact for any specific period or which periods will require restatement,” the company said in a statement yesterday. “Nor has the company determined the tax consequences that may result from these matters or whether any tax consequences will give rise to additional tax liabilities.”
The company said it plans to release “limited financial information” for the first quarter of 2007 after the market’s close tomorrow, Thursday, May 17. Kopin will prepare “restated financial statements” for the affected periods “as soon as practicable.”
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.
