ASAT Holdings to Request Appeal Hearing Before the Nasdaq Listing Qualifications Panel
21 Septiembre 2007 - 7:00AM
PR Newswire (US)
HONG KONG and MILPITAS, Calif., Sept. 21 /PRNewswire-FirstCall/ --
ASAT Holdings Limited (NASDAQ:ASTT) (the "Company"), a global
provider of semiconductor package design, assembly and test
services, today announced that the Company received a Nasdaq Staff
Determination ("Staff Determination") letter dated September 17,
2007 indicating that the Company's market value of listed
securities has been below $35,000,000 as required for continued
inclusion by Marketplace Rule 4320(e)(2)(B) and that its American
Depositary Shares ("ADSs") are, therefore, subject to delisting.
The Company was also previously notified by Nasdaq that it does not
comply with the minimum stockholders' equity of $2,500,000 or net
income from continuing operations of $500,000 in the most recently
completed fiscal year or in two of the last three most recently
completed fiscal years, which are also requirements for continued
listing on The Nasdaq Capital Market. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO) The Company
will request by September 24, 2007 an appeal hearing before a
Nasdaq Listing Qualifications Panel (the "Panel") to avoid
delisting and expects to have a hearing date scheduled in 30 to 45
days. During the appeal hearing process, the Company's ADSs will
remain listed and traded on The Nasdaq Capital Market. There can be
no assurance that the Panel will grant the Company's request for
continued listing. If the Company's ADSs are ultimately delisted
from The Nasdaq Capital Market, the Company expects that its ADSs
will trade on the Over-the-Counter Bulletin Board market. The
Company previously announced that it had separately received a
Nasdaq letter that the Company's ADSs did not meet the minimum
$1.00 per ADS requirement for continued inclusion on The Nasdaq
Capital Market as set forth in Nasdaq Marketplace Rule 4310(c)(4).
This requirement has not been satisfied to date, and in accordance
with Marketplace Rule 4310(c)(8)(D), the Company has until January
28, 2008 to regain compliance with such rule. About ASAT Holdings
Limited ASAT Holdings Limited is a global provider of semiconductor
package design, assembly and test services. With 18 years of
experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines. ASAT's
advanced package portfolio includes standard and high thermal
performance ball grid arrays, leadless plastic chip carriers, thin
array plastic packages, system-in-package and flip chip. ASAT was
the first company to develop moisture sensitive level one
capability on standard leaded products. Today the Company has
operations in the United States, Asia and Europe. For more
information, visit http://www.asat.com/. Safe Harbor This news
release contains statements and information that involve risks,
uncertainties and assumptions. These statements and information
constitute "forward-looking statements" within the meaning of
federal securities laws including Section 27A of the United States
Securities Act of 1933, as amended, and Section 21E of the United
States Securities Exchange Act of 1934, as amended. Such
forward-looking statements, including statements regarding
compliance with Nasdaq listing requirements, involve known and
unknown risks, uncertainties, assumptions and other factors that
could cause the actual performance, financial condition or results
of operations of ASAT Holdings Limited to differ materially from
those expressed or implied in any forward-looking statement.
Investors are cautioned that actual events and results could differ
materially from those contained in these statements as a result of
a variety of factors, including conditions in the overall
semiconductor market and economy, the need for additional funding
and the risk that financing may not be obtained, our progress in
ramping our new China facility, acceptance and demand for the
Company's products and services, operational and technological
risks and revisions to the preliminary unaudited financial results
which may occur during preparation of financial statements and
disclosures. The risks, uncertainties and other factors also
include, among others, our ability to successfully implement our
diversification strategy and our long-term growth strategy, our
ability to continue to realize operational efficiencies and
improvements to our cost structure, our ability to obtain
additional new financing, the possible delisting of the Company's
securities from Nasdaq, and those risks, uncertainties, assumptions
and other factors stated in the section entitled "Risk Factors" in
our Annual Report on Form 20-F filed with the United States
Securities and Exchange Commission on October 10, 2006 and the
section entitled "Risk Factors" in our quarterly reports on Form
6-K filed with the United States Securities and Exchange
Commission. The forward-looking statements in this release reflect
the current beliefs and expectations of the Company as of this
date, and the Company undertakes no obligation to update these
projections and forward-looking statements to reflect actual
results or events or circumstances that occur after the date of
this news release.
http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO
http://photoarchive.ap.org/ DATASOURCE: ASAT Holdings Limited
CONTACT: Jim Fanucchi of Summit IR Group Inc., +1-408-404-5400, ,
for ASAT Holdings Limited Web site: http://www.asat.com/
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