FOSTER CITY, Calif.--Electronics for Imaging, Inc. today announced that it received an additional Nasdaq Staff Determination notice on March 8, 2007 for failure to comply with Nasdaq Marketplace Rule 4310(c)(14) because EFI has not timely filed its Annual Report on Form 10-K for the year ended December 31, 2006.
As previously announced, a Special Committee of EFI's Board of Directors is conducting an investigation of the Company's historical stock option granting practices. The Company is unable to prepare and file its Form 10-K until the Special Committee investigation is complete.
The Company's failure timely to file its Form 10-K serves as an additional basis for delisting EFI's common stock from The Nasdaq Global Select Market. As disclosed on March 2, 2007, a Nasdaq Listing Qualifications Panel has granted EFI's request for continued listing of its common stock on The Nasdaq Global Select Market, subject to the following conditions: (1) on or about April 13, 2007, EFI must submit additional information to Nasdaq regarding the results of EFI's internal review of its historical equity award practices and related accounting; and (2) on or before May 8, 2007, EFI must file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, and all necessary restatements of its prior financial statements. EFI's plan of compliance as presented to the Panel also requires EFI to file its Annual Report on Form 10-K for the year ended December 31, 2006 on or before May 8, 2007. Should EFI be unable to meet these deadlines, there can be no assurance that Nasdaq will grant an additional extension of time to meet such conditions or that EFI's common stock will remain listed on The Nasdaq Global Select Market.
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