Interwoven, Inc. (NASDAQ:IWOV), a global leader in content management solutions, today announced that it had received notices from The NASDAQ Stock Market LLC ("NASDAQ") regarding the status of the Company's compliance with the NASDAQ Marketplace Rules.
On December 20, 2007, the Company received written notice from NASDAQ stating that as of that date the Company had demonstrated compliance with all applicable Marketplace Rules. As previously announced, the Company had previously received Staff Determination Letters due to its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2006 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2007, respectively, as required by Marketplace Rule 4310(c)(14). All of these reports were filed on December 14, 2007. The notice received from NASDAQ on December 20, 2007 further stated that as of that date, the listing review was closed and the Company's common stock would continue to be listed on The NASDAQ Global Market.
On January 3, 2008, as anticipated, the Company received a new notice of noncompliance from the staff of NASDAQ, pursuant to NASDAQ Marketplace Rule 4350(e), due to the Company's failure to hold its 2007 Annual Meeting of Stockholders within twelve months from its 2006 year-end. This notice indicated that, due to such noncompliance, the Company's common stock would be subject to delisting from The NASDAQ Global Market unless the Company requested a hearing before the NASDAQ Listing Qualifications Panel (the "Panel"). The Company was not able to timely hold its 2007 Annual Meeting of Stockholders due to the timing of the completion of the Company's voluntary review of its historical stock option grant procedures and the related restatement of its historical consolidated financial statements to correct the accounting for stock-based compensation expense.
In order to comply with this requirement, and as previously disclosed, the Company has scheduled its 2007 Annual Meeting of Stockholders for February 21, 2008. The Company will request a hearing before the Panel to review the Staff Determination Letter. The Company intends to request that NASDAQ continue to list its common stock until and through at least February 21, 2008 to allow the Company to convene its 2007 Annual Meeting of Stockholders on February 21, 2008, at which time the Company expects that it will have returned to full compliance with all applicable Marketplace Rules. There can be no assurance that the Panel will grant the Company's request for continued listing. Pending the issuance of a decision by the Panel, the Company's common stock will continue to be listed on The NASDAQ Global Market.
Interwoven is a global leader in content management solutions. Interwoven's software and services enable organizations to effectively leverage content to drive business growth by improving the customer experience, increasing collaboration, and streamlining business processes in dynamic environments. Our unique approach combines user-friendly simplicity with robust IT performance and scalability to unlock the value of content. Today, more than 4,000 enterprise and professional services organizations worldwide have chosen Interwoven, including: adidas, Airbus, Avaya, Cisco, DLA Piper, the Federal Reserve Bank, FedEx, HSBC, LexisNexis, Microsoft, Samsung, Shell, Samsonite, White & Case, and Yamaha. Over 20,000 developers and over 300 partners enrich and extend Interwoven's offerings.
