SiliconBeat

Electroglas was warned by the Nasdaq stock market last week that the amount of stockholder equity the company reported for its quarter ended March 1 fell below the $10 million minimum threshold level needed for continued listing, according to a filing today.

Nasdaq’s staff has ”invited” Electroglass to ”make a submission evidencing” its ability to regain and sustain its compliance. (We have begun to grow fond of the language of filings, redolent as they are of lawyers, and so we quote from them more than perhaps we should.)

The company says it intends to do just that. At the same time Electroglas said it will continue its efforts to ”maintain and enhance” positive cash flow, cut expenses and use of its operating cash and transfer manufacturing of its wafer-testing probers from its facilities in Singapore to Flextronics.

Making it harder to cash out stock options? What in the name of Silicon Valley is going on here?

Clearly the inmates have taken charge at Phoenix Technologies (ticker:PTEC). The Milpitas company filed an 8-K on Monday explaining that it approved a new round of stock options for executives — but with some significant strings attached.

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West Marine, the Watsonville supplier of boating equipment that is under formal investigation by the SEC, said that its chief accounting officer and avid sailor, Peter Van Handel will “leave West Marine effective today.”

Last May, West Marine completed a restatement of financial results for fiscal years 2002 through 2005 and for the first three quarters of fiscal year 2006 related to inventory issues. The SEC initiated an informal review of the matter in August and raised it to a “formal order of investigation” in January.

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The last few months have been rough on tech stocks. And as such, SanDisk (ticker:SNDK) is hardly alone in watching its stock price get cut in half:

It was a particularly challenging year for the flash memory company, which instituted a temporary salary reduction from March 2007 to August for its executive officers, ranging from 15 percent to 20 percent. The cut was part of an overall cost reduction program to help the company remain competitive as the price of flash memory continues to dip.

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Last month, a former hourly employee at West Marine filed a lawsuit in California Superior Court in Orange County alleging “among other things, that (West Marine) failed to provide meal and rest periods, correct itemized statements, pay to discharged associates,” along with other allegedly unfair business practices, according to West Marine’s annual financial filing with the SEC.

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A chief executive paying money to buy his own company’s stock is rare enough, but when he violates its code of ethics in the process, we’re talking news.

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