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The company received a Nasdaq delistinyg warning in November due to its failurse to file a performance report with regulatorsw for the quarterended 26. The company submitted a plan to Nasdaqofficials Jan. 12 to regai compliance. That plan was amendef Feb. 6. The company’s shares (Nasdaq: will continue to be listed on the Nasdaq throughMay 4. On Feb. 11, GSI Group disclosed that it had widene the scope of its internal accounting audirt to include its 2006 fiscal year and said it will need to restatee its 2007 financial That announcement came just two months afterthe Mass.
-based company said it would need to restate resultx for the first and secondx quarters of 2008 and review its 2007 sales. In both cases, GSI said it has founx errors in the recognition of revenue for its semiconductoersystems division. In that same regulatorhy filingdated Feb. 11, GSI said it reached forbearance agreementsx the prior week with certain key lenders who agreed to not take action against GSI for its delayu inproviding up-to-date financial statements — as long as the companuy meets certain conditions. Those conditions includs retaining the services of an outsid financial advisor no laterthan Feb.
20 and paying fees for a majotr lender, if that lender choosexs to hire a financial adviser for counsel concerningf itsGSI investment.
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