UTStarcom must file 10-Q by Jan. 9 to avoid default on 0.875% convertibles

By Caroline Salls

Pittsburgh, Nov. 16 - UTStarcom, Inc. must file its 10-Q report for the quarter ended Sept. 30 with the Securities and Exchange Commission by Jan. 9 to avoid an event of default on its 0.875% convertible subordinated notes due 2008, according to a company news release.

The company said it delayed the filing of the 10-Q in order to complete its voluntary review of its historical equity award grant practices under the direction of the nominating and corporate governance committee of its board of directors and to assess any impact of the review on the company's financial statements for previous equity grants and the company's internal control over financial reporting.

UTStarcom also received a notice from The Nasdaq Stock Market saying the company's common stock will be delisted at the opening of business on Nov. 27 because of the delayed 10-Q filing.

The company said it intends to request a hearing before a Nasdaq Listing Qualifications Panel to review the Nasdaq staff's determination. The hearing request will stay the delisting of the common stock pending the panel's decision.

The Alameda, Calif.-based company manufactures IP-based products for telecommunications service providers.

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