Veeco Announces NASDAQ Notice Related to Form 10-Q Filing
Veeco Instruments Inc. (NASDAQ: VECO) announced today that it received a letter from The NASDAQ Stock Market LLC (“NASDAQ”) on November 26, 2012 notifying the Company that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) because its Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 was not filed on a timely basis with the Securities and Exchange Commission. As previously announced, the Form 10-Q could not be filed timely because the Company is reviewing the timing of revenue recognition of MOCVD systems and related upgrades to these systems.
The NASDAQ letter notes that Veeco is required to submit a plan to regain compliance with NASDAQ's filing requirements for continued listing by January 22, 2013. Upon acceptance of the Company's compliance plan, NASDAQ is permitted to grant an extension of up to 180 days from the Form 10-Q's filing due date for the Company to regain compliance with NASDAQ's requirements for continued listing. The Company continues to focus its efforts on completing the Form 10-Q filing as soon as possible and fully intends to submit a plan by January 22, 2013 to regain compliance with NASDAQ's listing rules.
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