Company Requested Extension and Awaiting Decision from Nasdaq Hearing Panel
SUNNYVALE, Calif. - November 20, 2006 - Zoran Corporation (Nasdaq: ZRAN) announced that on November 15, 2006 it received an additional Staff Determination from The Nasdaq Stock Market stating that the Company is not in compliance with Marketplace Rule 4310(c)(14) because it did not timely file its report on Form 10-Q for the third quarter ended September 30, 2006 and, therefore, that its common stock is subject to delisting from the Nasdaq Global Select Market.
As previously announced, Zoran has delayed filing its Form 10 Q report pending the completion of a review of its historical stock option practices being conducted by a special committee of its Board of Directors. The Company plans to file its Form 10 Q report as soon as practicable following the conclusion of the review.
As previously disclosed, Zoran also received a written Staff Determination notice because it did not timely file its Form 10-Q report for the second quarter ended June 30, 2006 (the “Original Determination”).
In response to the Original Determination, Zoran requested a hearing before a Nasdaq Listing Qualifications Panel, which was subsequently held on September 27, 2006. At the hearing, Zoran requested that its common stock continue to be listed pending completion of the special committee’s review. The hearing panel’s decision remains pending. Zoran intends to supplement its pending request to cover the delayed filing of the third quarter 10-Q report. There can be no assurance that the panel will grant Zoran’s request for continued listing. Pending a decision by the hearing panel, Zoran’s common stock will continue to be traded on the Nasdaq market.
Zoran Corporation, based in Sunnyvale, California, is a leading provider of digital solutions for applications in the growing digital entertainment and digital imaging markets. With two decades of expertise developing and delivering digital signal processing technologies, Zoran has pioneered high-performance digital audio and video, imaging applications, and Connect and Share technologies for the digital home. Zoran’s proficiency in integration delivers major benefits for OEM customers, including greater capabilities within each product generation, reduced system costs, and shorter time to market. Zoran-based DVD, digital camera, DTV, multimedia mobile phone, and multifunction printer products have received recognition for excellence and are now in hundreds of millions of homes and offices worldwide. With headquarters in the U.S. and operations in Canada, China, England, Germany, India, Israel, Japan, Korea, and Taiwan, Zoran may be contacted on the World Wide Web at www.zoran.com or at 408-523-6500.