Atmel Gets Delisting Stay

The chipmaker moves closer on getting filings up to date.
Publish date:


board has granted chipmaker



some extra time to file its missing financials, saving the company from a delisting.

Atmel filed a slew of its delayed financial reports late Friday -- the deadline given by Nasdaq for the company to get up to date. But Atmel was unable to file its quarterly earnings report for the quarter ended March 31 and promised to turn it in by the end of the month.

While this would technically mean that Atmel remains noncompliant with Nasdaq's regulations, the company noted that the exchange's board of directors has stepped in and stayed any delisting while it considers Atmel's case in July.

The move marked the second intervention this week by Nasdaq to spare a delinquent company from getting delisted, with

Foundry Networks


also reporting a review from the Nasdaq board.

Such intervention by the Nasdaq board is extremely rare. But with several companies having delayed their filings due to the stock option backdating scandal,

Nasdaq appears to be taking a more lenient approach in dealing with late filers.


Marvell Technology

(MRVL) - Get Report

is also facing a similar deadline -- on June 26 -- although the company has not said whether the Nasdaq board will step in if it is unable to meet its deadline.

"We are pleased to have completed these filings which are an important step forward in our efforts to regain Nasdaq compliance," said Atmel CEO Steven Laub.

Atmel restated $116 million for noncash stock-based compensation expenses between 1993 and 2005, to account for more than 100 instances of incorrect stock-option measurement dates.

The chipmaker said it earned $14.7 million, or 3 cents a share, on revenue of $1.67 billion in 2006.

The company filed its missing annual report for 2006 on Friday, as well as quarterly reports for the second and third quarters of 2006.

Shares of Atmel slipped one penny to $5.62 in extended trading Friday.