NASDAQ Determines Company Complies with Filing Requirements
MOUNTAIN VIEW, Calif. – July 11, 2007 – MIPS Technologies, Inc. (NASDAQ: MIPS) today announced that, as expected, on July 5, 2007, the company received a notice of non-compliance from The NASDAQ Stock Market due to its failure to hold an annual meeting for its fiscal year ended June 30, 2006 (“2006 Annual Meeting”) on or before June 30, 2007, as required by NASDAQ Marketplace Rule 4350(e).
As announced on July 2, 2007, the company completed and filed with the Securities and Exchange Commission (”SEC”) its proxy statement for the 2006 Annual Meeting, which has been scheduled for August 9, 2007. The company also announced at that time that it filed with the SEC its Annual Report on Form 10-K for the year ended June 30, 2006, and its Quarterly Reports on Form 10-Q for the first, second and third quarters of fiscal 2007 (collectively, the “Reports”), and consequently, is current in its SEC periodic reporting obligations. The Reports contain financial statements that were restated as a result of a voluntary review of the company’s stock option practices conducted by a special committee of the company’s board of directors.
Further, as previously announced in March, the NASDAQ Listing and Hearing Review Council called for review the decision of the NASDAQ Listing Qualification Panel dated February 2, 2007. The Panel decision granted the company’s request for continued listing provided the company complete and file the Reports, and any required restatements, within prescribed timeframes. On July 11, 2007, in light of the company’s recent filings, the Listing Council, after consultation with NASDAQ Listing Qualifications Staff, has determined the Company has demonstrated compliance with NASDAQ’s filing requirements. At the same time, the Listing Council remanded the annual meeting deficiency to the Panel for further review.
The company’s securities will remain listed on The NASDAQ Global Market pending the issuance of a decision by the Panel with respect to the annual meeting deficiency. However, there can be no assurance that the Panel will grant the company’s request for continued listing.
About MIPS Technologies
MIPS Technologies, Inc. (NASDAQ: MIPS) is a leading provider of industry-standard processor architectures and cores for digital consumer, networking, personal entertainment, communications and business applications. The company drives the broadest architectural alliance that delivers 32- and 64-bit embedded RISC solutions to the embedded market, and in combination with its licensees, offers the widest range of robust, scalable processors in standard, custom, semi-custom and application-specific products worldwide. MIPS Technologies currently owns more than 400 patent properties (patents and applications) worldwide and licenses its intellectual property to today’s leading semiconductor companies, ASIC developers and system OEMs.
Today, MIPS-Based™ designs are integrated in millions of products around the world, including broadband devices from Linksys, digital cameras from Canon, DTVs and entertainment systems from Sony, DVD Recordable devices from Pioneer, digital set-top boxes from Motorola, network routers from Cisco and laser printers from Hewlett-Packard. Founded in 1998, MIPS Technologies is based in Mountain View, California, with offices worldwide. For more information, please contact (650) 567-5000 or visit http://www.mips.com.