Tuesday, November 1, 2011
Trading of ProMOS Technologies' shares has already been suspended on Taiwan's over-the-counter (OTC) stock market after failing to file its half-yearly financial report.
ProMOS has revealed that it has again failed to meet the deadline for publishing its third-quarter report as the report for first-half 2011 is still be audited.
The ProMOS stock issue was suspended on September 6, and if the company does not release all necessary financial statements within six months of the trading suspension, it may have to delist its shares from the OTC market, according to stock market regulators.
The net value of ProMOS has been in the negative territory since July. Market observers predict the company will have difficulty returning to profitability in 2011 and even 2012.
ProMOS previously announced that its creditor banks agreed to convert the company's debts into equity, but the plan has stalled for the time being. The creditor banks said they would not consider the debt-for-equity swap proposal until the company finds new strategic investors.
A number of companies including Elpida Memory, Kingston Technology and United Microelectronics (UMC) have been speculated as potential rescuers of ProMOS, but none of them has confirmed an intention to invest in the cash-strapped company.
ProMOS runs a 12-inch wafer fab with monthly capacity reaching 10,000-20,000 units. The company is now focused on manufacturing niche-market DRAM memory, and is seeking funds to upgrade equipment for advanced process production.
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