On May 15, 2008, we received a Nasdaq Staff Determination Letter stating that we are not in compliance with Nasdaq Marketplace Rule 4310(c)(14) because we did not timely file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.
As previously disclosed in our Notification of Late Filing on Form 12b-25 filed on February 12, 2008, we failed to timely file our Quarterly Report on Form 10-Q for the quarter ended December 31, 2007 in order to, among other things, evaluate our accounting treatment related to our tooling deposits and to evaluate the repurchase of a large number of our LCD TVs already sold through our distributors in China. Our ongoing evaluation of these transactions is the primary reason for our failure to timely file our March Form 10-Q, and we are unable to estimate the amounts at issue.
On May 6, 2008, the Nasdaq Listing Qualifications Panel granted our request for continued listing on The Nasdaq Stock Market, notwithstanding the delay in the filing of our December Form 10-Q. In accordance with the Panel's decision, among other things, we are required to file the December Form 10-Q by July 31, 2008 and during this period, our securities will remain listed on The Nasdaq Global Market.
The Nasdaq letter invited us to present additional information to the Nasdaq Listing Qualifications Panel regarding the March Form 10-Q filing delay no later than May 22, 2008. We are preparing additional information pursuant to this request and expect that our shares will continue to be listed on The Nasdaq Global Market during this process. However, there can be no assurance that the Listing Qualifications Panel will grant our request for continued listing.
A copy of the press release disclosing our receipt of the Nasdaq Staff Determination Letter is attached hereto as Exhibit 99.1.