SUNNYVALE, Calif. -- SST (Silicon Storage Technology, Inc.) (NASDAQ:SSTI) today announced that the company has requested a hearing before the NASDAQ Listing Qualifications Panel in response to the receipt of a NASDAQ Staff Determination letter dated March 19, 2007 indicating that SST is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310(c)(14). As anticipated, the letter was issued in accordance with NASDAQ procedures due to the delayed filing of SST's Annual Report on Form 10-K for the year ended Dec. 31, 2006. Pending a decision by the Panel, SST's shares will remain listed on the NASDAQ Global Stock Market.
As previously announced on March 15, 2007, SST will conduct a voluntary review of its historical stock option grant practices covering the time from SST's initial public offering in 1995 through the current fiscal year. The chairman of the audit committee of the board of directors will conduct this review with the assistance of independent outside counsel. SST has voluntarily contacted the Securities and Exchange Commission staff to inform them of the review.
Silicon Storage Technology Inc. (SST)
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