SANTA CLARA, Calif., Dec. 3 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced that on November 30, 2007, it received the
decision of the Board of Directors of The Nasdaq Stock Market ("Nasdaq") to
give Coherent until December 17, 2007 to file its past due periodic reports
for the year ended September 30, 2006 and the first three quarterly periods
of 2007 with the Securities Exchange Commission ("SEC") in order to regain
compliance with Nasdaq's listing requirements contained in Nasdaq
Marketplace Rule 4310(c)(14). In the event Coherent does not file such
periodic reports with the SEC by December 17, 2007, Nasdaq's Board informed
Coherent that its common stock will be suspended from trading at the
opening of business on December 19, 2007, and Nasdaq will file a Form 25
with the SEC to effect the delisting of Coherent's common stock from
Nasdaq.
Coherent is committed to regaining compliance with all Nasdaq listing
requirements as soon as possible. However, Coherent will not be able to
file all of its past due periodic reports with the SEC by December 17,
2007. As previously disclosed, Coherent expects to file its Annual Report
on Form 10-K for fiscal 2006 no later than December 17, 2007 and the
aforementioned quarterly reports by January 31, 2008. Coherent is exploring
alternatives that may be available to it to prevent the suspension from
trading of its common stock on Nasdaq on December 19, 2007 as well as the
delisting of its common stock from Nasdaq, including seeking relief from
Nasdaq's Board of Directors and the SEC. However, there can be no
assurances that these alternatives will be successful. In the event that
Coherent's common stock is delisted from trading on Nasdaq, it will be
traded over the counter.
Forward Looking Statements
This press release contains forward-looking statements, as defined
under the Federal securities laws. These forward-looking statements include
statements regarding Coherent's expectation regarding the timing for filing
its Annual and Quarterly Reports with the SEC. These forward-looking
statements are not guarantees and are subject to risks, uncertainties and
assumptions that could cause the timing for filing the Annual and Quarterly
Reports with the SEC to differ materially and adversely from the timing
expressed in the forward-looking statements in this press release. Factors
that could cause actual results to differ materially include risks and
uncertainties, including but not limited to risks associated with the
completion of the audit, review and preparation of such filings. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to Coherent's expectations as of the date
hereof. Coherent undertakes no obligation to update these forward-looking
statements as a result of events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events. In addition, as
previously reported, a special committee of Coherent's board of directors
has reported on its independent review regarding the Coherent's historical
stock option practices. The review and forthcoming restatement and other
actions/measures taken or required as a result of the review will have an
impact on the amount and timing of previously awarded stock-based
compensation and other additional expenses to be recorded; accounting
adjustments to Coherent's financial statements for the periods in question;
potential claims and proceedings relating to such matters, including
shareholder litigation and action by the SEC and/or other governmental
agencies; and negative tax or other implications for Coherent resulting
from any accounting adjustments or other factors. The trading of our common
stock over the counter may negatively impact the trading price of our
common stock and the levels of liquidity available to our stockholders. In
addition, the trading of our common stock over the counter would materially
adversely affect our access to the capital markets and our ability to raise
capital through alternative financing sources on terms acceptable to us or
at all. Securities that trade over the counter are no longer eligible for
margin loans, and a company trading over the counter cannot avail itself of
Federal preemption of state securities or "blue sky" laws, which adds
substantial compliance costs to securities issuances, including pursuant to
employee option plans, stock purchase plans and private or public offerings
of securities. If we are delisted in the future from the Nasdaq Global
Select Market, there may also be other negative implications, including the
potential loss of confidence by suppliers, customers and employees and the
loss of institutional investor interest in our company.
SOURCE Coherent, Inc.
 back to top
Related links:
http://www.coherent.com
CONTACT:
Leen Simonet, +1-408-764-4161, for Coherent,
Inc.
|
