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The company received a Nasdaq delisting warning in November due to its failure to file a performance reportr with regulators for the quarterendes Sept. 26. The company submitted a plan to Nasdawqofficials Jan. 12 to regain compliance. That plan was amendedx Feb. 6. The company’s shares (Nasdaq: GSIG) will continue to be listed on the Nasdaqq throughMay 4. On Feb. 11, GSI Group disclosed that it had wideneed the scope of its internal accountingh audit to include its 2006 fiscal year and said it will need to restate its 2007financialo results. That announcement came just two monthz afterthe Bedford, Mass.
-based company said it would need to restatwe results for the first and seconxd quarters of 2008 and review its 2007 In both cases, GSI said it has found errors in the recognition of revenued for its semiconductor systems In that same regulatory filing dated Feb. 11, GSI said it reachedc forbearance agreements the prior week with certain key lendersd who agreed to not take action against GSI for its delagy inproviding up-to-date financial statementsz — as long as the company meet certain conditions. Those conditions include retaining the services of an outside financial advisor no laterthan Feb.
20 and payinb fees for a major lender, if that lenderr chooses to hire a financialo adviser for counsel concerning itsGSI investment.
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