Emcore Faces Delisting $EMKR
Emcore (NASDAQ: EMKR), a supplier of semiconductors to the CPV market (as well as a builder of optical communication components), received adelisting notice from NASDAQ in August and has until Oct. 18 to submit a plan to regain compliance. Emcore’s Solar Power group buildshigh-efficiency gallium arsenide (GaAs) solar cells, coveredinterconnect cells, integrated solar panels and concentratingphotovoltaic (CPV) systems for utility-scale solar applications.
Emcore received a letter from the NASDAQ Stock Market indicating thatthe firm "was not in compliance with the continued listing requirementsunder NASDAQ Listing Rule 5250(c)(1)." The NASDAQ letter was issued inaccordance with standard NASDAQ procedures, because the firm did notfile its quarterly report on Form 10-Q for the quarter ended June 30,2010 with the SEC according to schedule.
According to Emcore, the filing of the quarterly report was delayedbecause the firm "requires additional time to complete its review of the accounting for certain inventory write-downs and the allowance against a specific account receivable" that Emcore has determined should berecorded. Emcore "intends to file its quarterly report as soon aspracticable upon completion of its review."
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