Silicon Storage Technology Inc (Other) (NT 10-Q)
2007年11月14日 - 2:59AM
Edgar (US Regulatory)
CUSIP
Number
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
(Check
One)
:
¨
Form 10-K
|
¨
Form
20-F
|
¨
Form
11-K
|
ý
Form
10-Q
|
¨
Form
N-SAR
|
¨
Form
N-CSR
|
For
Period Ended:
September 30,
2007
¨
|
Transition
Report on Form 10-K
|
¨
|
Transition
Report on Form 20-F
|
¨
|
Transition
Report on Form 11-K
|
¨
|
Transition
Report on Form 10-Q
|
¨
|
Transition
Report on Form N-SAR
|
For
the
Transition Period Ended: ___________________
Read
Instruction (on back page) Before Preparing Form. Please Print or
Type.
|
Nothing
in this form shall be construed to imply that the Commission has
verified
any information contained
herein.
|
If
the
notification relates to a portion of the filing checked above, identify the
Item(s) to which the notification relates:
________________________________________________________________________
PART
I -- REGISTRANT INFORMATION
|
Silicon
Storage Technology, Inc.
(Full
Name of Registrant)
|
N/A
(Former
Name if Applicable)
|
1171
Sonora Court
(Address
of Principal Executive Office
(Street and Number)
)
|
Sunnyvale,
CA 94086
(City,
State and Zip Code)
|
PART
II -- RULES 12b-25(b) AND (c)
If
the
subject report could not be filed without unreasonable effort or expense and
the
registrant seeks relief pursuant to Rule 12b-25(b), the following should be
completed. (Check box if appropriate)
|
(a)
The reasons described in reasonable detail in Part III of this form
could
not be eliminated without unreasonable effort or
expense;
|
¨
|
(b)
The subject annual report, semi-annual report, transition report
on Form
10-K, Form 20-F,11-K Form N-SAR or Form N-CSR, or portion thereof,
will be
filed on or before the fifteenth calendar day following the prescribed
due
date; or the subject quarterly report or transition report on Form
10- Q,
or portion thereof, will be filed on or before the fifth calendar
day
following the prescribed due date; and
|
|
(c)
The accountant's statement or other exhibit required by Rule 12b-25(c)
has
been attached if applicable.
|
PART
III – NARRATIVE
State
below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR,
or the transition report portion thereof, could not be filed within the
prescribed time period.
As
previously announced on March 15, 2007, Silicon Storage Technology, Inc. (“SST”)
is conducting 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
is
conducting 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.
As
previously announced on July 20, 2007, the chairman of the audit committee
has
preliminarily determined that SST’s previously-issued financial
statements for the fiscal years 1997 through 2005 and for the quarters ended
March 31, 2006, June 30, 2006 and September 30, 2006 will need to be restated
to
correct errors related to accounting for stock-based compensation
expense. At this time, the chairman has not completed the forensic
review of the option grants and the financial impact of using incorrect
measurement dates has not been finalized. Any additional non-cash
stock-based compensation expense that may be recorded will not affect SST’s cash
position or reported revenue for the recently completed quarter or previous
periods.
As
a
result of the review, SST is unable to file its Quarterly Report on Form 10-Q
for the quarter ended September 30, 2007 by the required filing date of November
9, 2007 and does not currently anticipate that it will be filed on or before
the
fifth calendar day following the required due date according to Rule
12b-25.
PART
IV-- OTHER INFORMATION
(1)
Name
and telephone number of person to contact in regard to this
notification
|
James
Boyd
(Name)
|
408
(Area
Code)
|
735-9110
(Telephone
Number)
|
(2)
Have
all other periodic reports required under Section 13 or 15(d) of the Securities
Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during
the preceding 12 months or for such shorter period that the registrant was
required to file such report(s) been filed? If answer is no, identify report(s).
¨
Yes
ý
No
SST
has not filed its: (1) Annual Report on Form 10-K for the year ended December
31, 2006, (2) Quarterly Report on Form 10-Q for the quarter ended March 31,
2007
and (3) Quarterly Report on Form 10-Q for the quarter ended June 30,
2007.
(3)
Is it
anticipated that any significant change in results of operations from the
corresponding period for the last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion thereof?
ý
Yes
¨
No
If
so,
attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
Net
revenues for the third quarter of 2007 were $107.5 million, compared with $99.3
million in the second quarter of 2007 and $116.0 million in the third quarter
of
2006. SST finished the third quarter 2007 with $160.2 million in cash, cash
equivalents and short-term investments, a decrease of $7.0 million from the
prior quarter
As
previously announced on July 20, 2007, the chairman of the audit committee
has
preliminarily determined that SST’s previously-issued financial statements
for the fiscal years 1997 through 2005 and for the quarters ended March 31,
2006, June 30, 2006 and September 30, 2006 will need to be restated to correct
errors related to accounting for stock-based compensation expense. At
this time, the chairman has not completed the forensic review of the option
grants and the financial impact of using incorrect measurement dates has not
been finalized.
Silicon
Storage Technology, Inc.
|
(Name
of Registrant as Specified in
Charter)
|
Has
caused this notification to be signed on its behalf by the undersigned hereunto
duly authorized.
Date
November 13,
2007
|
By /s/
James B.
Boyd
James
B. Boyd
Chief
Financial Officer
|
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