EMCORE PRESS RELEASE: NOTICE OF DELISTING
Published on February 20, 2007
EXHIBIT
99.1
Press
Release
EMCORE
Corporation Receives Notice From NASDAQ
Due
to Delay in Filing of Form 10-Q
Somerset,
NJ - February 20, 2007 - 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 report on Form 10-Q
for the fiscal quarter ended December 31, 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-Q by the original filing deadline of February 9, 2006 due to the Company’s
ongoing review of its prior stock option grants.
The
Company attended a hearing before the NASDAQ Listing Qualifications Panel
on
February 15, 2007 to review both the Staff Determination letter received
by the
Company on December 18, 2006 as a result of the Company's inability to file
its
Form 10-K for the year ended September 30, 2006 by the required deadline
and the
Staff Determination letter received by the Company on February 13, 2007 as
a
result of the Company's inability to file its Form 10-Q for the quarter ended
December 30, 2006 by the required deadline. The Company expects the Panel
to
respond in the next thirty days to the Company's request for 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 automatically stays 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
and
Form 10-Q for the fiscal quarter ended December 31, 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 regain compliance with the NASDAQ listing requirements. 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 outcome of the NASDAQ appeal hearing; the impact of any actions
that may be required or taken as a result of such review or the NASDAQ appeal
hearing and review process; and the ability of the Company to regain compliance
with the NASDAQ listing requirements. 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.
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EMCORE
Corporation
Adam
Gushard - Chief Financial Officer
(505)
332-5000
info@emcore.com
KEKST
AND COMPANY
Fred
Spar
(212)
521-4813
or
Joseph
Kuo
(212)
521-4863