EMCORE PRESS RELEASE: NOTICE OF DELISTING
Published on December 22, 2006
EXHIBIT
99.1
Press
Release
EMCORE
Corporation Receives Notice From NASDAQ Due
to Delay in Filing of Form 10-K
Somerset,
NJ - December 22, 2006 - EMCORE Corporation (NASDAQ: EMKR), a leading provider
of compound semiconductor-based components and subsystems for the broadband,
fiber optic, satellite and terrestrial solar power markets, announced today
that
it received a NASDAQ Staff Determination letter stating that the Company is
not
in compliance with the filing requirements for continued listing set forth
in
NASDAQ Marketplace Rule 4310(c)(14) and that its common stock is subject to
delisting from The Nasdaq Stock Market. The notice, which the Company expected,
was issued as a result of the Company’s failure to file its annual report on
Form 10-K for the year ended September 30, 2006 with the Securities and Exchange
Commission by the required deadline. The Company had previously filed a Form
12b-25 with the SEC indicating that the Company would be unable to file its
Form
10-K by the original filing deadline of December 14, 2006 due to the Company’s
ongoing review of its prior stock option grants.
The
Company will request a hearing before the NASDAQ Listing Qualifications Panel
to
review the Staff Determination letter and request continued listing. The Company
can make no assurances that the NASDAQ Listing Qualifications Panel will grant
the Company’s request for continued listing. Under Nasdaq Marketplace rules, the
Company’s request for a hearing will automatically stay the delisting of the
Company’s common stock pending the issuance of a written determination by the
NASDAQ Listing Qualifications Panel.
The
Company plans to file its Form 10-K for the year ended September 30, 2006 as
soon as reasonably practicable.
About
EMCORE
EMCORE
Corporation offers a broad portfolio of compound semiconductor-based products
for the broadband, fiber optic, satellite and solar power markets. EMCORE’s
Fiber Optic segment offers optical components, subsystems and systems for
high-speed data and telecommunications networks, cable television (CATV) and
fiber-to-the-premises (FTTP). EMCORE’s Photovoltaic segment provides products
for both satellite and terrestrial applications. For satellite
applications, EMCORE offers high efficiency Gallium Arsenide (GaAs) solar cells,
Covered Interconnect Cells (CICs) and panels. For terrestrial applications,
EMCORE is adapting its high-efficiency GaAs solar cells for use in solar
concentrator systems. For further information about EMCORE, visit
http://www.emcore.com.
Forward
Looking Statements
This
press release contains forward−looking statements regarding the Company’s plans
to request a hearing with Nasdaq. These forward looking statements are subject
to risks and uncertainties, and actual results could differ materially from
those projected. These risks and uncertainties include, but are not limited
to,
the timing and results of the review by the Special Committee; the timing and
outcome of the Nasdaq hearing; the impact of any actions that may be required
or
taken as a result of such review or the Nasdaq hearing and review process.
Information regarding other risks and uncertainties can be found in the
Company’s Annual Report on Form 10−K and other interim reports as filed with the
Securities and Exchange Commission.
***
EMCORE
Corporation
Tom
Werthan - Chief Financial Officer
(732)
271-9090
info@emcore.com
KEKST
AND COMPANY
Fred
Spar
(212)
521-4813
OR
Joseph
Kuo
(212)
521-4863