ASAT Holdings to request appeal hearing before Nasdaq Listing Qualifications Panel
Feb 11, 2008
ASAT Holdings Limited has announced that the Company received a Nasdaq Staff Determination letter dated February 5, 2008 indicating that the Company's market value of listed securities has been below $35,000,000 as required for continued inclusion by Marketplace Rule 4320(e)(2)(B), and that its American Depositary Shares ("ADSs") are, therefore, subject to delisting.
The Company was also notified by Nasdaq on January 3, 2008 that it does not comply with the minimum stockholders' equity of $2,500,000 or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, which are also requirements for continued listing on The Nasdaq Capital Market.
The Company will request by February 12, 2008 an appeal hearing before a Nasdaq Listing Qualifications Panel (the "Panel") to avoid delisting and expects to have a hearing date scheduled in 30 to 45 days. During the appeal hearing process, the Company's ADSs will remain listed and traded on The Nasdaq Capital Market.