MOUNTAIN VIEW, Calif., September 19, 2006 - MIPS Technologies, Inc. (NASDAQ: MIPS), today announced that the Company will request a hearing before the NASDAQ Listing Qualifications Panel in response to the receipt of a NASDAQ Staff Determination letter today that the Company is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310(c)(14). The notice was issued in accordance with standard NASDAQ procedures due to the delayed filing of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2006. Pending a decision of the Panel, the Company's shares will continue to be listed on the NASDAQ Global Market.
On August 30, 2006, MIPS Technologies announced that following a company-initiated voluntary review of historical stock-based compensation practices and related potential accounting impact, its board of directors had formed a special committee, consisting of independent directors, to review the Company's historical option grant practices and the accounting for its option grants. MIPS Technologies intends to file the Form 10-K as soon as practicable after the review is completed, but has determined it will not complete the review by September 28, 2006-the extended deadline for the Form 10-K. The Company voluntarily contacted the Securities and Exchange Commission staff ("SEC") to inform them about the on-going review, and the SEC has recently requested that the Company provide them with certain information relating to the Company's stock option practices.
About MIPS Technologies
MIPS Technologies, Inc. is a leading provider of industry standard processor architectures and cores for digital consumer and business applications. The company drives the broadest architectural alliance that is delivering 32- and 64-bit embedded RISC solutions. The company licenses its intellectual property to semiconductor companies, ASIC developers, and system OEMs. MIPS Technologies and its licensees offer the widest range of robust, scalable processors in standard, custom, semi-custom and application-specific products. The company is based in Mountain View, California and can be reached at (650) 567-5000 or www.mips.com.