Veeco Instruments Inc. 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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