NASDAQ: KOPN $ 1.14 +0.00( +0%) Volume: 3,274 March 25, 2019 20 min delay

Kopin Granted Stay of Delisting by Nasdaq Listing Council


TAUNTON, Mass.--(BUSINESS WIRE)--May 15, 2007--Kopin Corporation (NASDAQ: KOPN) today announced that in response to its request the Nasdaq Listing and Hearing Review Council has stayed the delisting of the Company's common stock on The Nasdaq Stock Market until Kopin's situation can be further reviewed by the Listing Council. No time table was given as to when the Listing Council will review Kopin's case and Kopin was given until June 1, 2007 to provide additional information to support its request for a stay of its delisting.

As previously announced, on May 3, 2007 a Special Investigative Committee of the Company's Board of Directors issued its preliminary findings regarding Kopin's previously announced voluntary review of its historical stock option grants. Because of the ongoing review, the Company has been unable to timely file its Quarterly Report on Form 10-Q for the three months ended September 30, 2006 and March 31, 2007 and its Annual Report on Form 10-K for the 12 months ended December 31, 2006.

The Special Committee believes that accounting adjustments to previously issued financial statements to reflect stock-based compensation at measurement dates different from the original measurement dates used for certain grants to employees are material and that in its view the Company will need to restate certain of its financial statements for the fiscal years 1995 through 2006 and the related interim periods. The Company is reviewing the preliminary findings of the independent investigation and has not yet determined the impact for any specific period or which periods will require restatement, nor has the Company determined the tax consequences that may result from these matters or whether any tax consequences will give rise to additional tax liabilities. Accordingly, on May 3, 2007 the Company and its Audit Committee determined that the financial statements, and the related reports of its independent registered accountants, and all earnings press releases and similar communications issued by the Company relating to the periods discussed above (fiscal years 1995 through 2006 and the related interim periods) should not be relied upon.

Kopin plans to announce limited financial information for its financial results for the first quarter of fiscal 2007 after the close of the market on Thursday, May 17, 2007. The Company intends to prepare restated financial statements as soon as practicable.

About Kopin

Kopin Corporation produces lightweight, power-efficient, ultra-small liquid crystal displays and heterojunction bipolar transistors (HBTs) that are revolutionizing the way people around the world see, hear and communicate. Kopin already has shipped more than 20 million displays for a range of consumer and military applications including digital cameras, personal video eyewear, camcorders, thermal weapon sights and night vision systems. The Company's unique HBTs, which help to enhance battery life, talk time and signal clarity, have been integrated into billions of wireless handsets as well as into WiFi, VoIP and high-speed Internet data transmission systems. Kopin's proprietary display and HBT technologies are protected by more than 200 global patents and patents pending. For more information, please visit Kopin's website at

               KOPIN - The NanoSemiconductor Company(TM)

    Safe Harbor Statement

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements involve a number of risks and uncertainties that could materially affect future results. These statements include, but are not limited to: any statements contained in this report regarding Nasdaq's determination to stay the delisting of the Company's common stock; the Special Committee's review; the planned restatement of the Company's financial statements; the potential impact of such restatement; the identification of accounting errors or corrections; recommendations of the Special Investigative Committee or measures adopted by management and the Board of Directors; the expected announcement of limited financial information for the first quarter of fiscal 2007; the potential that Kopin may be unsuccessful in obtaining any necessary continued stay of delisting; the potential that Kopin may not satisfactorily address questions posed by Nasdaq; and the potential that Kopin may not become current in its delinquent periodic reports or file any required restatements by any requisite time periods. Factors that might affect the actual results, performance or achievements include, among other things, the matters discussed in this report, the restatement of the Company's financial statements, legal, accounting and regulatory developments relating to our stock option grants and accounting for those grants, potential claims or liability that may arise as a result of these matters, that the anticipated accounting adjustments could have negative tax implications for the Company, the effectiveness of remedial measures adopted by management and our Board of Directors, and other actions that may be taken as a result of the Special Investigative Committee review. In addition to the matters described in this report, risks and uncertainties are described from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. We undertake no responsibility to update any of these forward-looking statements to reflect events or circumstances occurring after the date of this report.

CONTACT: Kopin Corporation
Richard Sneider, 508-824-6696
Chief Financial Officer

SOURCE: Kopin Corporation