Emcore receives default notices on 5% convertibles due 2011 for delayed 10-K filing

By Caroline Salls

Pittsburgh, Jan. 19 - Emcore Corp. received two notices of default on its 5% convertible senior subordinated notes due 2011 in connection with the delayed filing of its 10-K report for the year ended Sept. 30, according to an 8-K filed with the Securities and Exchange Commission.

Emcore has 60 days to cure the purported defaults.

The company said the 10-K filing is delayed because of a voluntary review of its stock option granting practices and the need to correct its financial statements for previous periods to account for additional stock-based compensation expense.

Emcore said it believes it is not in default under the notes indenture and it will contest any attempt to declare an event of default based on the delay in filing the 10-K.

According to the 8-K, there are $80.28 million in principal amount of the notes outstanding.

Emcore is a Somerset, N.J.-based maker of compound semiconductor-based products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.