said Monday that it has one week to regain compliance with
listing requirements or its shares will be booted from the exchange.
And the Santa Clara, Calif., chipmaker -- which has not filed quarterly financial reports for a year -- said bluntly that it doesn't expect to meet the July 16 deadline.
But Trident Micro is pleading its case to Nasdaq's board of directors, which has the power to reverse delisting decisions.
And given the Nasdaq board's recent record of giving
delinquent filers a helping hand, investors did not appear too spooked by the confession of the soon-to-be-missed deadline.
Shares of Trident were off about 1.1%, or 22 cents, at $19.16 in extended trading Monday.
The Nasdaq board has exercised a rarely used discretion to stay the delisting of several companies in recent months, including
In fact, Trident's announcement Monday noted that "it is aware that recently other companies have successfully appealed
Nasdaq Listing Council decisions to the Nasdaq Board of Directors."
Trident is among the many companies that have become embroiled in a widespread controversy involving the backdating of stock options. The company has previously said that it has uncovered instances of incorrect measurement dates of past stock option grants and that it expects it will incur material, noncash charges as a result.
In addition to not filing financial reports with the
Securities and Exchange Commission
as a result of its internal investigation into stock option backdating, Trident has failed to hold an annual meeting with shareholders -- also grounds for delisting under Nasdaq regulations.
While Trident said it received a letter from the Nasdaq Listing and Hearing Review Council on Friday that gives it until July 16 to regain compliance, the chipmaker noted that "not all factors affecting the date of filing of the company's restatements are within the company's control, and the company does not expect to file its outstanding periodic reports by July 16, 2007."
If the Nasdaq board doesn't hear Trident's appeal by July 16, or denies Trident's appeal for an extension beyond July 16, the company said its stock will be delisted as of the opening of trading on July 18.