Asat Holdings Ltd - Report of Foreign Issuer (6-K)
08 Januar 2008 - 12:42PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934
For
the month of January 2008
000-30842
(Commission File Number)
ASAT Holdings Limited
(Registrants name)
14
th
Floor
138 Texaco Road
Tsuen Wan, New Territories
Hong Kong
(Address of Principal
Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form
20-F
X
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
No
X
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
.
On January 7, 2008, the Company issued a press release announcing the Companys receipt of Nasdaq compliance
letters. A copy of the press release is attached as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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ASAT HOLDINGS LIMITED
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Date: January 8, 2008
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By:
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S
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EI
H
ONG
C
HUA
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Name:
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Kei Hong Chua
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Title:
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Chief Financial Officer
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INDEX TO EXHIBITS
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Exhibit No.
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Description
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99.1
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Press Release dated January 7, 2008, announcing the Companys receipt of Nasdaq compliance letters.
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Exhibit 99.1
ASAT Holdings Receives Nasdaq Compliance Letters
HONG KONG and MILPITAS, Calif.,
January 7, 2008 ASAT Holdings Limited (Nasdaq: ASTT) (the Company), a global provider of
semiconductor package design, assembly and test services, today announced that on January 3, 2008 it received a letter from the Nasdaq Staff stating that for the prior 30 consecutive business days, the bid price of the Companys American
Depositary Shares (ADSs) had closed below the minimum $1.00 per ADS requirement for continued inclusion on the Nasdaq Capital Market as set forth in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii) (the Rule). Therefore, in
accordance with the Rule, the Company is being provided with 180 calendar days, until July 1, 2008, to regain compliance with the Rule. If at any time before July 1, 2008, the bid price of the Companys ADSs closes at $1.00 per ADS or
more for a minimum of 10 consecutive business days, the Nasdaq Staff will provide written notification that the Company complies with the Rule.
If
compliance with the Rule cannot be demonstrated by July 1, 2008, the Nasdaq Staff will determine whether the Company meets the initial listing criteria for the Nasdaq Capital Market, other than the bid price requirement. If the Company meets
the initial listing criteria, the Nasdaq Staff will notify the Company that it has been granted an additional 180 calendar day period to regain compliance with the Rule. If the Company is not eligible for an additional compliance period, the Nasdaq
Staff will provide written notification that the Companys ADSs will be delisted, and, at that time, the Company may appeal the Nasdaq Staffs determination to delist to a Listing Qualifications Panel.
In addition, on January 3, 2008 the Company received a letter from the Nasdaq Staff stating that the value of its listed securities has been below $35,000,000 as
required for inclusion by Marketplace Rule 4320(e)(2)(B). Therefore, in accordance with Marketplace Rule 4320(e)(2)(D), the Company will be provided 30 calendar days, or until February 4, 2008, to regain compliance. If, at any time before
February 4, 2008, the market value of listed securities of the Companys ADSs is $35,000,000 or more for a minimum of 10 consecutive business days, the Nasdaq Staff will determine if the Company regains compliance. If compliance cannot be
demonstrated by February 4, 2008, the Nasdaq Staff will provide written notification that the Companys securities will be delisted. At that time, the Company may appeal the Nasdaq Staffs determination to delist to a Listing
Qualification Panel.
The Company was also notified by Nasdaq on January 3, 2008 that it does not comply with the minimum stockholders equity of
$2,500,000 or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years, which are requirements for continued listing on the Nasdaq Capital Market.
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About ASAT Holdings Limited
ASAT Holdings Limited is a global provider of semiconductor package design, assembly and test services. With 19 years of experience, the Company offers a definitive selection of semiconductor packages and world-class manufacturing lines.
ASATs advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture
sensitive level one capability on standard leaded products. Today the Company has operations in the United States, Asia and Europe. For more information, visit
www.asat.com
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Safe Harbor
This news release contains statements and information that involve risks, uncertainties and assumptions.
These statements and information constitute forward-looking statements within the meaning of federal securities laws including Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United
States Securities Exchange Act of 1934, as amended. Such forward-looking statements, including statements regarding compliance with Nasdaq listing requirements, involve known and unknown risks, uncertainties, assumptions and other factors that could
cause the actual performance, financial condition or results of operations of ASAT Holdings Limited to differ materially from those expressed or implied in any forward-looking statement. Investors are cautioned that actual events and results could
differ materially from those contained in these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy, the need for additional funding and the risk that financing may not be obtained,
our progress in ramping our new China facility, acceptance and demand for the Companys products and services, operational and technological risks and revisions to the preliminary unaudited financial results which may occur during preparation
of financial statements and disclosures. The risks, uncertainties and other factors also include, among others, our ability to successfully implement our diversification strategy and our long-term growth strategy, our ability to continue to realize
operational efficiencies and improvements to our cost structure, the possible delisting of the Companys securities from Nasdaq, and those risks, uncertainties, assumptions and other factors stated in the section entitled Risk
Factors in our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on October 15, 2007 and the section entitled Risk Factors in our quarterly reports on Form 6-K filed with the
United States Securities and Exchange Commission. The forward-looking statements in this release reflect the current beliefs and expectations of the Company as of this date, and the Company undertakes no obligation to update these projections and
forward-looking statements to reflect actual results or events or circumstances that occur after the date of this news release.
For further information,
please contact:
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Jim Fanucchi
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Summit IR Group Inc.
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408.404.5400
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ir@asat.com
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