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Kopin Corp of Taunton, MA, USA, which makes heterojunction bipolar transistors (HBTs) and liquid-crystal CyberDisplays, has received a Nasdaq Staff Determination letter indicating that it is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) after failing to file its third-quarter 2007 Form 10-Q financial report in time.

Kopin has previously received Nasdaq notifications for failing to file its Q3/2006 Form 10-Q, 2006 Form 10-K, and Q1/2007 and Q2/2007 Form 10-Q financial reports. The delays are due to an investigation into the firm’s past stock option granting practices by a special investigative committee (appointed by Kopin’s board). In May, the committee issued preliminary findings and recommendations that financial statements for 1995 through 2006 (and the related interim periods) should not be relied upon and should be restated. Kopin says that it is working to complete any necessary restatements.

The Nasdaq staff has asked Kopin to provide an update as to whether the inability to file Q3/2007’s Form 10-Q in time is a result of new circumstances or reflects any significant events concerning the investigation, the restatement or the firm’s compliance with Nasdaq’s listing requirements.

Previously, on 27 July, the Nasdaq Listing and Hearing Review Council decided that Kopin had until 25 September to file its overdue reports and any necessary restatements with the US Securities and Exchange Commission and Nasdaq, otherwise it could be suspended from the Nasdaq Global Market. However, following a review of the council’s decision, on 17 September Nasdaq’s board of directors stayed Kopin’s delisting and, in late October, extended the deadline to 17 December.

If Kopin has not regained compliance by 10 December, Nasdaq’s board will instruct its staff to discuss the reason with the firm and to update it on whether they believe Kopin’s stock should remain listed.

See related items:

Kopin granted until 17 December to regain Nasdaq compliance

Nasdaq board stays Kopin delisting

Kopin expects strong III-V revenues to end 2007

Nasdaq issues further warnings to Kopin and Emcore

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