Amkor Receives Nasdaq Delisting Notice Regarding Delayed Filing of Form 10-Q and Notices of Default on Debt.CHANDLER, Ariz. -- Amkor Technology Amkor Technology, Inc. (NASDAQ: AMKR) is a high-tech semiconductor product manufacturer that includes Intel and IBM among its primary customers. Previously headquartered in West Chester, Pennsylvania, United States, Amkor recently announced that it will move to Chandler, , Inc. (Nasdaq:AMKR AMKR Amkor Technology ) today announced that it has received a Nasdaq Staff Determination notice stating that the company is not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because it has not timely filed its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the period ended June 30, 2006. The Nasdaq Staff Determination notice indicated that Amkor's securities will be delisted from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. unless Amkor requests a hearing before a Nasdaq Listing Qualifications Panel. Accordingly, Amkor will request a hearing to review the Nasdaq Staff Determination, and pending a decision by the hearing panel, Amkor's common stock will remain listed on The Nasdaq National Market. However, there can be no assurance that the hearing panel will grant the company's request for continued listing. In addition, the Company has received letters from U.S. Bank National Association as trustee and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, National Association as trustee alleging that the failure of Amkor to file its Quarterly Report constitutes a default under the indentures governing each of the following series of notes: --5% Convertible Subordinated Notes due 2007 --10.5% Senior Subordinated Notes due 2009 --9.25% Senior Notes due 2008 --9.25% Senior Notes due 2016 --6.25% Convertible Subordinated Notes Due 2013 --7.75% Senior Notes due 2013 --7 1/8% Senior Notes due 2011 --2.5% Convertible Senior Subordinated Notes due 2011 The letters also allege To state, recite, assert, or charge the existence of particular facts in a Pleading or an indictment; to make an allegation. allege v. that the failure by Amkor to cure the purported pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port  ed·ly adv. default within 60 days from the date of notice will result in
the occurrence of an "Event of Default" under the indentures.
If an "Event of Default" were to occur under the indentures governing the notes described above, the trustee or holders of at least 25% in aggregate principal amount of such series of notes then outstanding could attempt to declare all related unpaid principal and premium, if any, and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. on such series of notes then outstanding to be immediately due and payable. As of the date hereof, there is approximately $1.62 billion of aggregate unpaid principal outstanding of the above mentioned notes. On July 26, 2006, Amkor announced that its board of directors has established a special committee of independent directors to review the company's historical stock option practices. The special committee is being assisted by independent legal counsel. Amkor is focusing significant effort on completing its options review in order to file its Quarterly Report on Form 10-Q on or before October 9, 2006 and thereby avoid any purported Event of Default. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains statements that are forward-looking in nature, including statements about a potential "Events of Default" under Amkor's outstanding notes; a possible delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. from the Nasdaq Stock Market; the Company's efforts to complete its options review; and its goal of curing any purported default under its outstanding debt within the applicable cure period. Those statements are subject to risks and uncertainties that may cause actual results to differ materially, including the Company's ability to cure any purported default; the results and findings of the review by the special committee; the impact, if any, of such results or findings on the financial statements of the Company; the Company's inability to timely file reports with the Securities and Exchange Commission; risks associated with the Company's inability to meet NASDAQ requirements for continued listing; and risks of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and governmental or other regulatory inquiry or proceedings arising out of or related to the Company's historical stock option practices. Therefore, any forward-looking statements in the Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. The Company makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made. About Amkor Amkor is a leading provider of advanced semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic design and manufacturing services. More information on Amkor is available from the company's SEC filings and on Amkor's web site: www.amkor.com. |
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