news digest ♦ Solar
of highly efficient radiation hard solar cells for space power applications. With a beginning-of- life (BOL) conversion efficiency of 30% and the option for a patented, onboard monolithic bypass diode, Emcore’s industry leading multi-junction solar cells can provide the highest available power to interplanetary spacecraft and earth orbiting satellites.
Emcore Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and solar power markets. The firm’s Fiber Optic segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). Its photovoltaic segment provides products for both satellite and terrestrial applications. For satellite applications, Emcore offers high efficiency Gallium Arsenide (GaAs) solar cells, Covered Interconnect Cells (CICs) and panels. For terrestrial applications, Emcore is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems.
Emcore Receives Notification of Deficiency From NASDAQ
Emcore delayed filing form 10-K as Deloitte & Touche had not completed its procedures to re- issue its opinion with respect to the Company’s financial statements for the fiscal years 2008 and 2009.
Emcore Corporation, a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets, announced that on December 30, 2010, it received a letter from the NASDAQ Stock Market indicating that the Company was not in compliance with the continued listing requirements under NASDAQ Listing Rule 5250(c) (1).
The NASDAQ letter, which the Company expected, was issued in accordance with standard NASDAQ procedures because the Company did not timely file its Annual Report on Form 10-K for the fiscal year ended September 30, 2010 with the Securities and Exchange Commission.
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www.compoundsemiconductor.net January / February 2011
As previously reported by the Company on December 30, 2010, the filing of the 2010 Form 10-K has been delayed because the Company’s prior auditor, Deloitte & Touche LLP, the independent auditing firm that conducted the audit of the Company’s financial statements for the fiscal years ended September 30, 2008 and 2009, has not completed their procedures to re-issue their opinion with respect to the Company’s financial statements for those fiscal years.
Deloitte is specifically reviewing their audit procedures performed on the Company’s goodwill and intangible assets accounts. The Company intends to file the 2010 Form 10-K as promptly as practicable once Deloitte is able to re-issue its opinion with respect to the prior fiscal years.
The Company is required to submit a plan to regain compliance with NASDAQ’s requirements for continued listing and the plan must be submitted no later than February 28, 2011.
Emcore Corporation is a leading provider of compound semiconductor-based components, subsystems and systems for the fiber optics and solar power markets. The firm’s Photonic Systems segment is the leading developer and manufacturer of fiber-optic systems and components for a wide range of commercial and military applications including microwave fiber-optic signal transmission and processing, satellite earth-stations, fiber-optic gyroscopes, and terahertz sensing.
Emcore’s Fiber Optics segment offers optical components, subsystems and systems that enable the transmission of video, voice and data over high- capacity fiber optic cables for high-speed data and telecommunications, cable television (CATV) and fiber-to-the-premises (FTTP) networks. The firm’s Solar Power segment provides solar products for satellite and terrestrial applications.
For satellite applications, Emcore offers high- efficiency compound semiconductor-based gallium arsenide (GaAs) solar cells, covered interconnect cells and fully integrated solar panels. For terrestrial applications, Emcore offers concentrating photovoltaic (CPV) systems for utility scale solar applications as well as offering its high-efficiency GaAs solar cells and CPV components for use in solar power concentrator systems
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