Aviza Technology, which itself notified the Nasdaqlisi stock market last week that it would not comply with its financial reporting rules because of its failure to timely file its quarterly 10-Q report with the SEC, received word back from Nasdaq last week confirming that, yep, it is subject to being delisted.
The company has 60 days to submit a plant to regain compliance, and if Nasdaq accepts the plan, could be granted an exception of up to 180 days, or until Nov. 9 to regain compliance before being delisted.
The Scotts Valley maker of equipment used to manufacture semiconductors, a product line that has been under unprecedented pressure during the current downturn, warned nearly a month after its March quarter ended that its results wouldn’t measure up to its previously announced guidance.
The company, which retained Needham & Co. to assist it in “reviewing financial and strategic options”, has evidently decided to focus its efforts on that review rather than devoting its resources to comply with its filing requirement, “in order to preserve the company’s financial resources in the interim”, according to a filing last week.
The company’s management is says it is taking steps to “maximize value on behalf of all of the company’s stakeholders, which may include merging with or into another company, a sale of all or substantially all of the company’s assets, or the liquidation or dissolution of the company through bankruptcy proceedings.”