Kopin Corp. Granted Stay of Delisting
Kopin Corp. announced today that Nasdaq has determined to stay the delisting of its common stock. A special committee appointed by Kopin's board, assisted by independent legal and accounting experts, has been conducting an internal review of the company's historical stock option grant practices; Kopin said that it was consequently unable to file its quarterly report on Form 10-Q for the quarter ended Sept. 30, 2006. As a result of its filing delinquency, Kopin was notified that its shares would be delisted unless it requested a hearing before the Nasdaq Listing Qualifications Panel; Kopin did so in November and the hearing was held Jan. 18. The panel said it will stay the delisting on the conditions that Kopin provide the Nasdaq Hearings Department with the special committee's final report by April 11 which must provide answers to a series of questions about the committee's investigation; and that Kopin become current in its delinquent periodic reports and file any required restatements by May 14. If Kopin is unable to meet this deadline, the panel will suspend trading of its common stock effective May 15, unless the Nasdaq Listing Council elects to review the case and stay the delisting. Kopin, based in Taunton, Mass., makes ultrasmall LCDs and heterojunction bipolar transistors for consumer and military applications including digital cameras, personal video eyewear, camcorders, thermal weapon sights and night-vision systems.