SANTA CLARA, Calif., Oct. 4 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced that, as anticipated, on October 1, 2007, it
received an additional NASDAQ Staff Determination letter indicating that
the Company is not currently in compliance with NASDAQ's listing
requirements as set forth in Marketplace Rules 4350(e) and 4350(g) due to
its failure to hold an annual meeting of stockholders during its fiscal
year ended September 30, 2007. The notice stated that the failure could
serve as an additional basis for delisting of the Company's securities.
As previously disclosed, NASDAQ initially informed the Company on
December 19, 2006 that its securities would be delisted due to the
Company's delay in filing its Form 10-K for the fiscal year ended September
30, 2006 unless the Company requested a hearing in accordance with
applicable NASDAQ Marketplace Rules. The Company subsequently requested and
was granted a hearing before the NASDAQ Listing Qualifications Panel
("Panel") on February 15, 2007 to request an extension for continued
listing on the NASDAQ Global Select Market. On April 3, 2007, the Panel
issued a decision granting the Company a conditional extension to file its
Form 10-K for the fiscal year ended September 30, 2006, its Form 10-Q for
the quarter ended December 30, 2006, and any required restatements. By
letter dated May 18, 2007, the NASDAQ Listing and Hearing Review Council
("Listing Council") called the Panel's April 3, 2007 decision for review
and determined to stay any decision to suspend the Company's securities
pending further action by the Listing Council. Although the Company is
working diligently to file its delinquent filings, there can be no
assurance that the Listing Council will grant an extension for continued
listing. Shares of Coherent common stock will continue trading on the
NASDAQ pending the Listing Council's decision. The Company does not expect
to hold an annual meeting of stockholders until after it has filed its
annual report on Form 10-K for the fiscal year ended September 30, 2006.
Founded in 1966, Coherent, Inc. is a Standard & Poor's SmallCap 600
company and a world leader in providing laser-based solutions to the
commercial and scientific research markets.
SOURCE Coherent, Inc.
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Related links:
http://www.coherent.com
CONTACT:
Leen Simonet, +1-408-764-4161, for Coherent,
Inc.
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