Ibis Technology (IBIS) Receives Additional Delisting Notification From NASDAQ
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Ibis Technology Corporation (Nasdaq: IBIS) received a letter from the Nasdaq Stock Market dated May 19, 2008 informing the Company that Nasdaq had not received the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, as required by Nasdaq Marketplace Rule 4310(c)(14). Accordingly, Nasdaq notified the Company that the Nasdaq Listing Qualifications Panel will consider the matter in rendering a determination regarding the Company's continued listing on the Nasdaq Global Market.
The Company previously announced that it received a Nasdaq letter dated April 16, 2008 advising that Nasdaq had not received the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as required by Nasdaq Marketplace Rule 4310(c)(14). On March 31, 2008, the Company requested a 15 day extension to file its Form 10-K, as permitted by Rule 12b-25 of the Securities Exchange Act of 1934, as amended, to allow its independent registered public accounting firm additional time to review the Company's financial statements for the year ended December 31, 2007 in order to afford sufficient time to conduct an impairment analysis with respect to the Company's assets. The Company was unable to file by the extension deadline, which triggered the Nasdaq determination letter. On April 23, 2008, the Company appealed the Nasdaq determination by requesting a hearing before the Panel, which automatically stayed the delisting of the Company's Common Stock pending the Panel's review and determination. The hearing is scheduled for June 5, 2008 at 9:30 am.
The Nasdaq letter indicated that the Company may transfer its securities to the Nasdaq Capital Market if the Company satisfies the inclusion requirements for that market. If the Company submits a transfer application and pays the applicable fees by July 22, 2008, the initiation of the delisting proceedings will be stayed pending the Staff's review of the application. If the Staff does not approve the Company's transfer application, the Staff will provide written notification that its securities will be delisted.[SM]
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