Montage Receives Notice of Non-Compliance From NASDAQ
22 Maggio 2014 - 10:30PM
Montage Technology Group Limited (Nasdaq:MONT) ("Montage
Technology" or "Montage" or the "Company"), a global fabless
provider of analog and mixed-signal semiconductor solutions
addressing the home entertainment and cloud computing markets,
today announced that on May 20, 2014, Montage Technology Group
Limited (the "Company") received a letter (the "Letter") from the
NASDAQ Stock Market LLC ("NASDAQ") indicating that NASDAQ has
determined that the Company's failure to file its Form 10-Q for the
period ended March 31, 2014 with the Securities and Exchange
Commission serves as an additional basis to delist the ordinary
shares of the Company pursuant to NASDAQ Listing Rule 5250(c)(1).
The Company disclosed in its Form 12b-25 Notification of Late
Filing, filed on May 16, 2014, that its Form 10-Q for the period
ended March 31, 2014 cannot be finalized until the completion of
the audit committee's review of allegations contained in reports
issued by Gravity Research and the completion of the audit of the
Company's financial statements for the period ended March 31,
2014.
As previously disclosed, pursuant to NASDAQ Listing Rule 5101,
NASDAQ has elected to exercise its discretionary authority to
expedite the review process and has requested that the Company, if
it chooses to do so, submit a plan to regain compliance with
NASDAQ's requirements for continued listing no later than June 2,
2014. If NASDAQ accepts the plan, the Company will be granted an
exception of up to 180 calendar days from March 31, 2014, or
September 29, 2014, to regain compliance. If the Company does not
submit a plan of compliance, or if the plan is not accepted by
NASDAQ, the Company may be subject to delisting procedures as set
forth in the NASDAQ Listing Rules.
The Company plans to provide NASDAQ with a plan by June 2, 2014
to show that it will be able to return to compliance with the
NASDAQ Listing Rules by filing its Forms 10-K and 10-Q.
About Montage Technology
Montage Technology is a global fabless provider of analog and
mixed-signal semiconductor solutions currently addressing the home
entertainment and cloud computing markets. In the home
entertainment market, Montage's technology platform enables the
Company to design highly integrated end-to-end solutions with
customized software for set-top boxes. These solutions optimize
signal processing performance under demanding operating conditions
typically found in emerging marketing environments. In the cloud
computing market, Montage offers high performance, low power memory
interface solutions that enable memory intensive server
applications. Its technology platform approach allows Montage to
provide integrated solutions that meet the expanding needs of
customers through continuous innovation, efficient design and rapid
product development. For more information regarding Montage please
visit the Company's website at www.montage-tech.com.
Forward Looking Statements
This current report on Form 8-K contains "forward-looking"
statements about the Company's plans, expectations and beliefs,
including regarding the timing and anticipated filing of the
Company's 10-Q, the timing and completion of and determinations
with respect to the Company's audit and the audit committee's
review and anticipated financial results. Forward-looking
statements can be identified by terminology such as "will",
"should", "expects", "anticipates", "future", "intends", "plans",
"projects", "predicts", "believes", "estimates", "forecasts", "may"
and similar statements, which are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may differ materially from actual
results due to a variety of factors, including if the audit
committee, its advisors, or the Company's independent auditors
require additional time or procedures prior to completion of the
Annual Report, or if the Company determines it requires additional
time to complete and review the Annual Report on Form 10-K in light
of any determinations from the ongoing review or otherwise, if
NASDAQ does not accept the plan, or other factors described under
the caption "Risk Factors" in our most recent quarterly report on
Form 10-Q and other filings with the U.S. Securities and Exchange
Commission. We undertake no obligation to update these statements
as a result of new information or future events, except as may be
required by law.
Company Contact: Montage Technology Mark Voll,
CFO P: 408-982-2780 or 86-21-6128-5678 x8618 E:
ir@montage-tech.com
Investor Relations Contact: Shelton Group
Leanne Sievers, EVP P: 949-224-3874 E: lsievers@sheltongroup.com
Matt Kreps, Managing Director P: 972-239-5119 ext. 125 E:
mkreps@sheltongroup.com
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