Company Now Current with SEC Filings and Compliant with NASDAQ
Listing Requirements
Kopin Corporation (NASDAQ:KOPN),
a leading developer of innovative wearable computing technologies and
solutions, announced the filing on March 23, 2017 with the U.S.
Securities and Exchange Commission (SEC) of the Company’s Form 10-Q for
the three months ended September 24, 2016 and the Company’s Annual
Report on Form 10-K for fiscal year 2016.
Following these filings, the Company is now current with all of its SEC
filings and has been informed by the Nasdaq Stock Market that Kopin has
regained compliance with the Nasdaq listing requirement relating to SEC
filing obligations.
As previously disclosed, the Company discovered embezzlement activities
at its Korean subsidiary. Based upon the results of forensic
investigation procedures, the actions of a former employee of its Korean
subsidiary resulted in a total theft loss of $1,589,000 over a 5 year
period and resulted in the immaterial restatement of previously issued
financial statements and unaudited quarterly financial information in
the Company’s 2016 annual report on Form 10-K. The Company is
undertaking steps to recover some or all of this amount, including
restitution from the former employee, the former employee’s family and a
claim on insurance Kopin carries against employee fraud.
About Kopin
Kopin Corporation is a leading developer and provider of innovative
wearable technologies and solutions for integration into head-worn
computing and display systems to military, industrial and consumer
customers. Kopin’s technology portfolio includes ultra-small displays,
optics, speech enhancement technology, system and hands-free control
software, low-power ASICs, and ergonomically designed smart headset
reference systems. Kopin’s proprietary components and technology are
protected by more than 300 global patents and patents pending. For more
information, please visit Kopin’s website at www.kopin.com.
Kopin, Whisper, Lightning and Solos are trademarks of Kopin Corporation.
Forward-Looking Statements
Statements in this press release may be considered “forward-looking”
statements under the “Safe Harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These include, without limitation,
statements relating to our statement that we are now current with our
SEC filings and that we are compliant with NASDAQ listing requirements.In the future the SEC could determine that they do not agree that we
are current in our SEC filings and Nasdaq could determine that we have
other deficiencies in our compliance with listing standards.Please
also see other risk factors and cautionary statements listed in Kopin’s
periodic reports and registration statements filed with the Securities
and Exchange Commission, including the Annual Report on Form 10-K for
the 12 months ended December 31, 2016, and Kopin’s subsequent filings
with the Securities and Exchange Commission. You should not place undue
reliance on any forward-looking statements, which are based only on
information currently available to Kopin and only as of the date on
which they are made. We undertake no obligation to update any of these
forward-looking statements to reflect events or circumstances occurring
after the date of this release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170327005239/en/
Kopin Corporation
Richard Sneider, 508-870-5959
CFO
rsneider@kopin.com
or
Investor
Relations
Market Street Partners
JoAnn Horne,
415-445-3233
JHorne@marketstreetpartners.com