On April 3, 2007, NEC received a letter from the Nasdaq Listing and Hearings Review Council stating that the Council has determined to stay the delisting of NEC's American depositary receipts.
NEC has not yet filed its Form 20-F for the fiscal year ended March 31, 2006 (the "2006 Form 20-F") with the Securities and Exchange Commission (the "SEC") as it is still completing the analysis necessary to prepare the financial statements for inclusion in the 2006 Form 20-F. Previously, the Nasdaq Listing Qualifications Panel ("the Panel") informed NEC that it was unable to grant a further extension beyond April 2, 2007, as it had already granted the maximum extension it had discretion to grant under Marketplace Rule 4802(b).
On March 7, 2007 (Eastern Standard Time), NEC requested that the Panel's decision be reviewed and that any future Panel decision be suspended pending further action by the Council. Specifically, NEC requested the review by the Council to prevent the Panel from delisting NEC's ADRs in the event that NEC could not file the 2006 Form 20-F by April 2, 2007. In response to this request, the Council has informed NEC that it has determined to call the Panel's February 21, 2007 decision for review, and to stay the delisting of NEC's ADRs pending further review by the Council.
While there can be no assurance that NEC will file its 2006 Form 20-F before the Council takes any action that may result in the delisting of NEC's ADRs, NEC continues to work diligently to do so - NEC.
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