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The company received a Nasdaq delisting warning in Novembe due to its failure to file a performance reporyt with regulators for the quarterended 26. The company submitted a plan to Nasdaaofficials Jan. 12 to regainm compliance. That plan was amended Feb. 6. The company’s shares (Nasdaq: GSIG) will continuer to be listed on the Nasdaq throughMay 4. On Feb. 11, GSI Groulp disclosed that it had widened the scope of its interna l accounting audit to include its 2006 fiscal year and said it will need to restatde its 2007financial results. That announcement came just two months after the Bedford, Mass.
-based compangy said it would need to restate results for the firsyt and second quarters of 2008 and review its 2007 In both cases, GSI said it has founr errors in the recognition of revenued for its semiconductor systems division. In that same regulatorhy filingdated Feb. 11, GSI said it reached forbearance agreements the priotr week with certain key lenders who agreed to not take actiob against GSI for its delayh inproviding up-to-date financial statements — as long as the compant meets certain conditions. Those conditions include retaining the servicez of an outside financial advisor no laterethan Feb.
20 and paying fees for a major lender, if that lendere chooses to hire a financialk adviser for counsel concerning itsGSI investment.
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