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AMCC receives notice its stock is subject to delisting by Nasdaq
June 30, 2006
SUNNYVALE, Calif. -- Applied Micro Circuits Corporation (NASDAQ:AMCC) today announced that due to the delay in the filing of its Annual Report on Form 10-K for the year ended March 31, 2006, it has received a letter from The Nasdaq Stock Market indicating that the Company's common stock is subject to delisting pursuant to Nasdaq Marketplace Rule 4310(c)(14). Nasdaq Marketplace Rule 4310(c)(14) requires the Company to make on a timely basis all filings with the Securities and Exchange Commission, as required by the Securities Exchange Act of 1934, as amended.
AMCC will appeal the Nasdaq Staff's determination by requesting a hearing before the Nasdaq Listing Qualifications Panel, which will automatically stay the delisting of AMCC's common stock pending the Panel's review and determination. Until the Panel issues a determination and the expiration of any exception granted by the Panel, AMCC's common stock will continue to be traded on The Nasdaq Stock Market.
As previously announced, AMCC has delayed filing its Annual Report on Form 10-K for the year ended March 31, 2006 as a result of the self-initiated review by the Company's Audit Committee of the Company's historical stock option grant practices and related accounting. The Audit Committee is being assisted by outside legal counsel and accounting experts. Until the Audit Committee's review is complete, the Company will be unable to complete and file its Annual Report on Form 10-K for the year ended March 31, 2006. The Company intends to file its Annual Report on Form 10-K as soon as practicable after the completion of the Audit Committee's review.
There can be no assurance that the Panel will grant the Company's request for an extension that would allow the continued listing of the Company's common stock on The Nasdaq Stock Market until the Company files its Annual Report on Form 10-K for the year ended March 31, 2006.
The Company will not announce its first quarter fiscal year 2007 earnings release date until after it files its Annual Report on Form 10-K for the year ended March 31, 2006.
Applied Micro Circuits Corp. (Nasdaq: AMCC)
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