Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) has announced it has received a letter from the Nasdaq Qualifications Department indicating that the company is not in compliance with the filing requirement under Nasdaq Marketplace Rule 5250(c)(1) due to its failure to timely file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018, the company said.
The Letter has no immediate effect on the listing or trading of the company´s common stock on the Nasdaq Capital Market.
The Letter stated that the company has 60 calendar days, or until July 16, 2018, to submit a plan to regain compliance. If the company´s plan is approved by Nasdaq, the company may be eligible for a listing exception of up to 180 calendar days from the Quarterly Report´s due date, or until November 6, 2018, to regain compliance.
The company currently anticipates regaining compliance with the filing requirement by filing its Quarterly Report prior to July 16, 2018, and intends to submit a compliance plan to Nasdaq if it is unable to do so.
Kulicke & Soffa is a provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing and industrial segments. As a pioneer in the semiconductor space, K&S has provided customers with market packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions and organic development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of expendable tools to its core offerings.