EMCORE PRESS RELEASE
Published on August 17, 2007
EXHIBIT
99.1
EMCORE
CORPORATION
Press
Release
EMCORE
Corporation Receives Notice from NASDAQ
Due
to Delay in Filing of Form 10-Q
Albuquerque,
NM – August 17, 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 August 13, 2007.
Status
of SEC Filings
Since
the
completion of the investigation by the Special Committee of the Board of
Directors (the “Board”) of EMCORE Corporation (the “Company”), the Company has
focused on determining the appropriate measurement dates for all historical
stock option grants which have been incorrectly dated, and on making
corresponding accounting adjustments to the Company’s historical and current
financial statements where appropriate. The Company believes that it has
determined the appropriate measurement dates for all misdated stock option
grants and has determined the accounting impact for those
grants. Management has also provided to the Company’s independent
registered public accounting firm documentation supporting these determinations.
They are auditing the Company’s determinations of the appropriate measurement
dates and corresponding accounting adjustments to the Company’s past financial
statements.
The
Company and its legal and accounting advisors are working diligently to complete
the remaining steps necessary for the Company to become current in its
Securities and Exchange Commission (“SEC”) reporting
obligations. While the Company intends to file the required reports
as soon as practicable, management and the Board also recognize the importance
of accurate reporting and the timeframes required by the Company’s independent
registered public accounting firm to audit the Company’s Annual Report on Form
10-K for the fiscal year ended September 30, 2006 and to review the Company’s
Quarterly Reports on Form 10-Q for the fiscal quarters ended December 31, 2006,
March 31, 2007, and June 30, 2007. The Company is hopeful that these reports
will be filed in September 2007 such that it will be able to regain compliance
with NASDAQ and SEC filing requirements.
While
there can be no assurance that the Company will become compliant with NASDAQ
requirements that it file its periodic reports and restatement before the NASDAQ
Listing and Hearing Review Council (the “Listing Council”) takes any action
lifting the stay, the Company continues to work diligently to do
so.
NASDAQ
Notice
As
previously disclosed, on June 15, 2007, the Company received a letter from
The
NASDAQ Stock Market stating that the Listing Counsel has stayed the previously
reported May 10, 2007 decision of the NASDAQ Listing Qualifications Panel (the
“Panel”) and any future Panel determinations to suspend the Company’s securities
from trading on NASDAQ, pending further review by the Listing Council.
Consequently, the Company’s securities would continue to be listed and tradable
on the NASDAQ Global Market System until further action by the Listing Council
to lift the stay, which would not occur prior to August 10, 2007. In addition,
the Company was invited to submit any additional information to the Listing
Council for consideration in its review by no later August 10,
2007.
On
August
10, 2007, the Company submitted a letter, in response to the Listing Council’s
invitation, requesting that the Listing Council exercise its discretionary
authority in favor of granting the Company an additional extension to regain
compliance with NASDAQ’s filing requirement. The Company is awaiting
the Listing Council’s response to this letter.
On
August
13, 2007, the Company 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 Quarterly Report on Form 10-Q for the fiscal quarter ended
June 30, 2007 with the SEC by the required deadline. This is the
third such notice for delinquent quarterly filings with the SEC that the Company
has received from NASDAQ. The Company had previously filed a
Notification of Late Filing on Form 12b-25 with the SEC indicating that the
Company would be unable to file this Quarterly Report by the original filing
deadline of August 9, 2007 due to the Company’s ongoing review of its prior
stock option grants.
* * *
Forward-Looking
Statement
This
Current Report on Form 8-K includes a forward-looking statement within the
meaning of the Private Securities Litigation Reform Act regarding the timing
in
which the Company expects to become current in its reporting obligations under
the Securities Exchange Act of 1934 and under the NASDAQ Marketplace
Rules. This statement involves uncertainties that may cause the
actual timing in which the Company becomes current in its reporting obligations
to differ materially from the Company’s current
expectations. This forward-looking statement is made as of the
date hereof, and the Company does not assume any obligation to update the
statement.
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.
___
EMCORE
Corporation
Adam
Gushard – Interim Chief Financial Officer
(505)
332-5000
info@emcore.com
TTC
Group
Victor
Allgeier
(646)
290-6400
info@ttcominc.com