Summary
KLA Corp (KLAC) filed an 8-K on September 15, 2006, to announce it received a NASDAQ Staff Determination notice indicating non-compliance with continued listing requirements under NASDAQ Marketplace Rule 4310(c)(14). This notice subjects the company's common stock to potential delisting from the NASDAQ Global Select Market. The company stated this notice was expected and that it intends to appeal the determination and request a hearing before the NASDAQ Listing Qualifications Panel. Importantly, the appeal and hearing request will automatically stay any delisting action, and KLA Corp's shares will continue to be listed on NASDAQ pending the Panel's decision. A press release detailing this event is attached as an exhibit.
Key Highlights
- 1KLA Corp received a notice from NASDAQ indicating it is not in compliance with continued listing requirements.
- 2The company's common stock is subject to potential delisting from the NASDAQ Global Select Market.
- 3KLA Corp plans to appeal the NASDAQ determination and request a hearing.
- 4The filing of an appeal and request for a hearing will automatically stay the delisting process.
- 5KLA Corp's stock will remain listed on the NASDAQ Global Select Market while the appeal is pending.
- 6The company expected this notice as part of standard NASDAQ procedures.
- 7A press release dated September 14, 2006, is included as Exhibit 99.1.