MOUNTAIN VIEW, Calif. (AFX) - Semiconductor developer MIPS Technologies Inc. said it received notice from Nasdaq that the company is not compliant with continued listing requirements because it failed to file its annual report on time.
MIPS said it has requested a hearing before a Nasdaq panel, and its shares will continue to be listed on the global market until a decision is made.
In August, MIPS established a special committee to review its historical option grant practices and related accounting. MIPS has determined it will not be able to file its annual report for the year ended June 30, 2006 by the extended deadline of Sept. 28.
The company notified the Securities and Exchange Commission of the review and the SEC has requested certain information related to its stock option practices, MIPS said.
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