HSINCHU, Taiwan, Sept. 17 /PRNewswire-Asia-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS) today reported it has received a letter from The NASDAQ Stock Market Listing Qualifications Department stating that for the last 30 consecutive business days, the bid price of the Company's common stock has closed below the US$1.00 minimum required for continued inclusion under Listing Rule 5450(a)(1) (the "Rule"). The notice further states that pursuant to Listing Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days (or until March 15, 2010) to regain compliance and that if, at anytime before March 15, 2010, the bid price of the Company's common stock closes at US$1.00 per share or more for a minimum of 10 consecutive business days, the Company will regain compliance with the Rule. Notwithstanding, the Nasdaq staff has the discretion to require compliance for a period in excess of 10 consecutive business days, but generally no more than 20 consecutive business days.
If, by March 15, 2010, the Company cannot demonstrate compliance with the Rule, the Company may submit an application to transfer its listing to The Nasdaq Capital Market, provided that it meets all applicable requirements under Listing Rule 5505 for initial listing on The Nasdaq Capital Market, other than the minimum bid requirement. If the listing is transferred to The Nasdaq Capital Market, the Nasdaq staff will notify the Company that it has been granted an additional 180 calendar day compliance period. If the Company is not so eligible for initial listing on The Nasdaq Capital Market, the Nasdaq staff will provide written notice that the Company's securities will be delisted. At that time, the Company may appeal the Nasdaq staff's determination to delist its securities to a Listing Qualifications Panel.
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS ( http://www.chipmos.com ) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.
Forward-Looking Statements
Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
Contacts:
In Taiwan R.O.C.
Dr. S.K. Chen
ChipMOS TECHNOLOGIES (Bermuda) LTD.
Tel: +886-6-507-7712
Email: s.k._chen@chipmos.com
In the U.S.
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
Email: dpasquale@globalirpartners.com
