Sipex Corp. (Milpitas, CA), a provider of analog integrated circuits, reported that it has received a letter from the Nasdaq Listings Qualification Panel notifying Sipex that the Panel has denied the company's request for continued inclusion on the Nasdaq National Market. The company's common stock will be delisted from the Nasdaq National Market effective with the open of business on June 23, 2005.
The action follows the company's appeal to the Panel for a listing exception after the company did not meet the time requirement to file its annual report on Form 10-K for the fiscal year ended January 1, 2005; the Panel also noted in the delivery of its decision the company's failure to file its quarterly report on Form 10-Q for the fiscal quarter ended April 2, 2005. The company intends to appeal the Panel's decision to the Nasdaq Listing and Hearing Review Counsel within the 15-day period provided for such appeals.
The company's common stock is not currently eligible to trade on the OTC Bulletin Board. There are no assurances that the company's common stock will be eligible for trading or quotation on any alternative exchanges or markets. The company will disclose further timing and trading symbol information regarding the trading of its common stock when such information becomes available. The company is committed to regaining compliance with all filing requirements and relisting its common stock as soon as possible.
