SANTA CLARA, Calif., Dec. 11 /PRNewswire-FirstCall/ -- Coherent, Inc.
(Nasdaq: COHR) today announced that it filed its Form 10-K for the year
ending September 30, 2006 (the "2006 Form 10-K") with the Securities
Exchange Commission. The Board of Directors of Nasdaq has notified the
Company that it must file its 2006 Form 10-K and Forms 10-Q for each of the
first three quarters of fiscal 2007 with the Securities Exchange Commission
("SEC") by December 17, 2007 in order to avoid the suspension from trading
and delisting of its common stock on December 19, 2007. As previously
indicated, the Company expects to file the aforementioned quarterly reports
no later than 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.
Additionally, Coherent announced that its Stockholder Meeting will be
held on March 19, 2008.
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.
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Related links:
http://www.coherent.com/
CONTACT:
Leen Simonet of Coherent, Inc.,
+1-408-764-4161
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