EXHIBIT 99.1: EMCORE PRESS RELEASE
Published on May 16, 2007
EXHIBIT
99.1
Press
Release
EMCORE
Corporation Receives Notice From NASDAQ Due to Delay in Filing
of Form 10-Q
Albuquerque,
NM - May 16, 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 on May 14, 2007 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 March 31, 2007 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 May 10, 2007 due to the Company’s
ongoing review of its prior stock option grants.
As
previously disclosed, on May 10, 2007, the NASDAQ Listing Qualifications
Panel
granted the Company continued listing on the NASDAQ Stock Market subject
to
certain conditions, including that the Company file its Form 10-K for the
fiscal
year ended September 30, 2006, and its Form 10-Q for the quarter ended December
31, 2006 and all required restatements with the SEC by no later than June
18,
2007. While the Company is making every effort to satisfy the terms of the
extension, it can provide no assurances that it will ultimately be able to
do
so. If the Company is unable to file the required Forms 10-K and 10-Q with
the
SEC by June 18, 2007, the Company intends to seek from the NASDAQ Listing
and
Hearing Review Council an extension of time to maintain its listing on the
NASDAQ Stock Market and a stay of any suspension of trading.
The
Company plans to file its Form 10-K for the year ended September 30, 2006,
its
Form 10-Q for the quarter ended December 31, 2006 and its Form 10-Q for the
quarter ended March 31, 2007 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 terrestrial 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 power
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 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 - Interim Chief Financial Officer
(505)
332-5000
info@emcore.com
KEKST
AND COMPANY
Fred
Spar
- (212) 521-4813
Joseph
Kuo - (212) 521-4863